USD/JPY bouncing perfectly off major support, remain bullish

The price has started to bounce off the major support at 108.75 (multiple Fibonacci extensions, horizontal swing low support) and we expect a rise from this level to at least 110.08 resistance (Fibonacci retracement, horizontal overlap resistance).

Stochastic (34,5,3) is seeing the major support above 5.3% and we expect a corresponding bounce above this level too.

Buy above 108.75. Set stop loss at 108.35 and take profit at 110.08.

The material has been provided by InstaForex Company - www.instaforex.com