USDJPY: Potential Bounce to the Upside

USDJPY: is currently trading back and higher than the support trend line at 110.360. The huge bounce back to the upside, from 108.800 to 110.450, can be considered as bullish evidence as buyers are jumping back in to the market. However, this pair is also very volatile;Thus, traders must be patient when placing a long position on the USDJPY. Do not forget to look for out continuation and consolidation of an upside move above 110.500.

Strategy:

Plan A: Buy at 110.00-110.200, Target Price 111.300/112.600/114.200, Stop Loss 108.800

Daily Chart

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