Buy USD/JPY Target 114.30
Updated
Entry: 113.50 or anything over 113.20
Target: 114.30
Stop: 113.07
RR: 2:1
USD is strong so far this week. Trump picking a new National Security Adviser and hawkish comments from the Fed is giving this pair a boost.
Pivot is 113.20, R1 is 113.80 and R2 is 114.30. RSI is showing room for upside movement. Bollinger band is bullish and lines up with 200 MA. This is a great buy opportunity with targets of 113.80 and 114.30. A stop of 113.07 will give us a 2:1 RR if price hits 114.30. If price breaks 113.80, wait for a retrace then move stop to 113.75.
Next major economic data release affecting this pair is the FOMC meeting minutes due tomorrow at 2pm EST.
Good luck!
Trade closed: stop reached
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