USD/JPY is expected to trade with bullish bias. The pair recorded a succession of higher tops and higher bottoms since Feb. 28, which confirmed a positive outlook. The upward momentum is further reinforced by the rising 50-period moving average. The relative strength index stands firmly above its neutrality level at 50.
Therefore, as long as 113.85 is support, look for a further rise to 114.60 and even to 115.00 in extension.
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 114.60 and the second one at 115.00. In the alternative scenario, short positions are recommended with the first target at 113.60, if the price moves below its pivot points. A break of this target may push the pair further downwards, and one may expect the second target at 113.30. The pivot point is at 113.85.
Resistance levels: 114.60, 115.00, and 115.45
Support levels: 113.60, 113.30, and 113.00
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
USD/JPY is expected to trade with bullish bias. The pair recorded a succession of higher tops and higher bottoms since Feb. 28, which confirmed a positive outlook. The upward momentum is further reinforced by the rising 50-period moving average. The relative strength index stands firmly above its neutrality level at 50.
Therefore, as long as 113.85 is support, look for a further rise to 114.60 and even to 115.00 in extension.
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 114.60 and the second one at 115.00. In the alternative scenario, short positions are recommended with the first target at 113.60, if the price moves below its pivot points. A break of this target may push the pair further downwards, and one may expect the second target at 113.30. The pivot point is at 113.85.
Resistance levels: 114.60, 115.00, and 115.45
Support levels: 113.60, 113.30, and 113.00
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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