USD/JPY is seeing strong double channel support along with approaching a strong support area on Stochastics. This allows us to play the rise up to at least 107.00.
105.25 is a fractal resistance level (graphical support and fibonacci retracement), which serves as our stop loss. 107.00 is a fibonacci projection level and channel upper limit, which would be our profit target.
Trading recommendations:
Buy now
Take profit at 107.00
Stop loss at 105.25
The material has been provided by InstaForex Company – www.instaforex.com
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