GBPJPY Bounced Off Support, Prepare For A Further Rise!
Buy above 140.50.
Stop loss at 138.44.
Take profit at 143.71.
Reason for the trading strategy (technically):
GBPJPY bounced nicely off its support at (76.4% & 50% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 143.71 (38.2% Fibonacci retracement, horizontal overlap resistance).
Stochastic (89, 5, 3) is bounced off its support at 2.7% where a corresponding rise could occur.
Stop loss at 138.44.
Take profit at 143.71.
Reason for the trading strategy (technically):
GBPJPY bounced nicely off its support at (76.4% & 50% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 143.71 (38.2% Fibonacci retracement, horizontal overlap resistance).
Stochastic (89, 5, 3) is bounced off its support at 2.7% where a corresponding rise could occur.