USD/JPY has made a sharp push down and created a very strong bullish candlestick formation at the 100.70 level, which shows that there is a lot of bulls going into the market at that level preventing the price from closing below that level. In fact, the price has tried to push below that level multiple times and each time failed to do so. Stochastic is also in a very overbought region signalling a price reversal is approaching.

Our goal is to play a rise above this 100.70 level with the best level to get in at being 100.70 to play the rise up to graphical support + Fibonacci retracement level of 102.95.

Trading recommendations:

Buy above 100.70

Stop loss at 99.80

Take Profit at 102.95 (graphical support + Fibonacci retracement level)