Our upside target of USD/JPY has been hit. USD/JPY is expected to continue its upside movement. The pair recorded higher tops and higher bottoms since June 16 that confirmed a positive outlook. The upward momentum is further reinforced by the rising 20-period and 50-period moving averages. The relative strength index is bullish and calls for a further upside.
Hence, as long as 111.15 holds on the downside, look for a new rise to 112.10 and even to 112.50 in extension.
Alternatively, if the price moves in the opposite direction as predicted, short position is recommended below 111.15 with targets at 110.85 and 110.60.
Chart Explanation: The black line shows the pivot point. The present price above pivot point indicates the bullish position while the price below pivot points indicates the 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: 111.15, Take Profit: 112.10
Resistance levels: 112.10, 112.50, and 112.85
Support levels: 110.85,110.60, and 110.35
The material has been provided by InstaForex Company - www.instaforex.com
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