Source: Forex Analysis
All our upside targets which we predicted in yesterday’s analysis have been hit. USD/JPY is expected to trade with a bullish outlook. Though the pair posted a pullback and fell below its 20-period moving average, it is still staying above its rising 50-period moving average. The relative strength index stands firmly above its neutrality level at 50. To conclude, as long as 107.25 is not broken, look for a further advance with targets at 108 and 108.25 in extension.
Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates a bullish position, and the price below the pivot point indicates a short position. The red lines show the support levels, and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Strategy: BUY, stop loss at 107.25, take profit at 108.00
Resistance levels: 108.00, 108.25, and 108.75.
Support levels: 107.05, 106.80, and 106.30.
The material has been provided by InstaForex Company – www.instaforex.com