USD/JPY Trading Recommendations for 1st August 2016
August 1, 2016 2:16 am
We are bullish on USDJPY. Price has bounced off our channel support really well. 101.80 is a key Fibonacci retracement level which is in line with our channel support. 104.00 is our take profit level because it’s the 50% Fibonacci retracement and graphical pullback resistance.
RSI displays bullish divergence vs price signalling a bullish recovery.
Stochastics is bouncing above our 5% support signalling a bullish recovery in price.
Trading Recommendations :
Buy now and above 101.80
Take profit at 104.00
Stop loss at 100.55
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
We are bullish on USDJPY. Price has bounced off our channel support really well. 101.80 is a key Fibonacci retracement level which is in line with our channel support. 104.00 is our take profit level because it’s the 50% Fibonacci retracement and graphical pullback resistance.
RSI displays bullish divergence vs price signalling a bullish recovery.
Stochastics is bouncing above our 5% support signalling a bullish recovery in price.
Trading Recommendations :
Buy now and above 101.80
Take profit at 104.00
Stop loss at 100.55
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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