Buy above 87.53. Stop loss at 87.32. Take profit at 88.02.
Reason for the trading strategy (technically):
We remain bullish looking to buy above major support at 87.53 (Fibonacci retracement, horizontal swing low support, pullback support) for a push up to at least 88.02 resistance (Fibonacci retracement, horizontal swing high resistance).
RSI (34) has broken out of a descending resistance-turned-support line signalling that a change in momentum is fast approaching.
Correlation analysis: We are seeing JPY weakness across the board with bounces expected on EURJPY, AUDJPY and USDJPY.
Reason for the trading strategy (technically):
We remain bullish looking to buy above major support at 87.53 (Fibonacci retracement, horizontal swing low support, pullback support) for a push up to at least 88.02 resistance (Fibonacci retracement, horizontal swing high resistance).
RSI (34) has broken out of a descending resistance-turned-support line signalling that a change in momentum is fast approaching.
Correlation analysis: We are seeing JPY weakness across the board with bounces expected on EURJPY, AUDJPY and USDJPY.