USD/JPY is expected to trade with a bullish bias as the the movement is supported by a rising trend line. The pair remains bullish, backed by a bullish trend line since December 14. The 20-period moving average stays above the 50-period one, and the relative strength index is bullish above its neutrality level at 50. Thus, as long as 117.75 is not broken below, a further bounce is expected with 118.65 and 119.05 as the next targets.
Trading Recommendation: The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 118.65 and the second one at 119.05. In the alternative scenario, short positions are recommended with the first target at 117.20 if the price moves below its pivot point. A break of this target is likely to push the pair further downwards, and one may expect the second target at 116.65. The pivot point lies at 117.75.
Resistance levels: 118.65, 119.05, 119.60
Support levels: 117.20, 116.65, 116.35
The material has been provided by InstaForex Company - www.instaforex.comFrom www.instaforex.com http://ift.tt/2hBXVsF
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