Trade of the Day – USDJPY – Looking to buy dips within the corrective channel

USDJPY – Intraday – We look to Buy at 111.60 (stop at 111.30)

Closed the day little net changed. Dips continue to attract buyers. The trend of lower highs is located at 112.80. There is no clear indication that the upward move is coming to an end. Further upside is expected although we prefer to set longs at our bespoke support levels at 111.60, resulting in improved risk/reward.

Our profit targets will be 112.70 and 113.00

Resistance: 112.01 / 112.80 / 113.50
Support: 111.60 / 111.21 / 111.00