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U.S. Dollar / Japanese Yen
Long

USDJPY bouncing nicely off strong support

578

USDJPY is seeing major support at 112.02 (61.8% Fibonacci retracement, horizontal swing low support, 100% Fibonacci extension) and we could possibly look to buy on dips above this major support level for a push up to 113.62 resistance (Fibonacci extension, horizontal swing high resistance). Our next major level of support is at 111.34 (Fibonacci retracement, below strong price action).

Stochastic (34,5,3) is seeing major support above 2.9% where a corresponding bounce could occur.

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Losses can exceed the initial investment so please ensure you fully understand the risks.
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Chart PatternsHarmonic PatternsjpyTrend AnalysisUSDUSDJPYusdjpyanalysisusdjpybuyusdjpydailyusdjpylongusdjpylongsetupusdjpyshort
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Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.