USD/JPY is expected to trade with bullish outlook. The pair posted a rebound from 108.80 and broke above its 20-period and 50-period moving averages. In addition, the bullish cross between 20-period and 50-period moving averages has been identified, which indicates a positive signal. The relative strength index has been supported by a rising trend line since August 23.
To conclude, as long as 108.80 holds on the downside, a further advance to 109.55 and even to 109.80 is expected.
Alternatively, if the price moves in the opposite direction, a short position is recommended below 109.55 with a target at 108.65.
Chart Explanation: The black line shows the pivot point. The current price above the pivot point indicates a bullish position, while the price below the pivot point is a signal for a short position. The red lines show the support levels and the green line indicates the resistance level. These levels can be used to enter and exit trades.
Strategy: BUY, Stop Loss: 108.80, Take Profit: 109.55
Resistance levels: 109.55, 109.80, and 110.25
Support Levels: 108.65, 108.30, 108.00
The material has been provided by InstaForex Company - www.instaforex.com
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