The price is approaching major support at 81.90 (Fibonacci extension, horizontal swing low support, bullish divergence) and we expect a strong bounce above this level to at least the 82.53 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (34,5,3) is seeing strong support above the 8% level and bullish divergence, while the price is signalling that a bounce is impending.
Correlation analysis: We are expecting general JPY weakness with USD/JPY similarly expecting a bounce from the key level.
Buy above 81.90. Stop loss at 81.67. Take profit at 82.53.
