EURJPY profit target reached perfectly, buy on major support
Buy above 131.90. Stop loss at 131.12. Take profit at 133.42.
Reason for the trading strategy (technically):
Price dropped strongly from our selling area and has reached our profit target. We prepare to buy above major support at 131.90 (Fibonacci retracement, Fibonacci extension, horizontal overlap support) for a bounce up to at least 133.42 resistance (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance).
Stochastic (34,3,1) is seeing major support at 3.7% and we expect to see a corresponding bounce off this level similar to the one we are expecting on price.
Reason for the trading strategy (technically):
Price dropped strongly from our selling area and has reached our profit target. We prepare to buy above major support at 131.90 (Fibonacci retracement, Fibonacci extension, horizontal overlap support) for a bounce up to at least 133.42 resistance (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance).
Stochastic (34,3,1) is seeing major support at 3.7% and we expect to see a corresponding bounce off this level similar to the one we are expecting on price.