USD/JPY is expected to trade in the higher range. The pair is supported by a rising trend line since Mar. 8, which confirms a positive outlook. The upward momentum is further reinforced by the rising 20-period and 50-period moving averages. The relative strength index is heading upward.
Therefore, as long as 115.00 holds on the downside, look for a new rise to 115.70 and even to 116.00 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 115.70 and the second one at 116.00. In the alternative scenario, short positions are recommended with the first target at 114.60, 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 114.25. The pivot point is at 115.00.
Resistance levels: 115.70, 116.00, and 116.55
Support levels: 114.60, 114.25, and 114.00
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
USD/JPY is expected to trade in the higher range. The pair is supported by a rising trend line since Mar. 8, which confirms a positive outlook. The upward momentum is further reinforced by the rising 20-period and 50-period moving averages. The relative strength index is heading upward.
Therefore, as long as 115.00 holds on the downside, look for a new rise to 115.70 and even to 116.00 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 115.70 and the second one at 116.00. In the alternative scenario, short positions are recommended with the first target at 114.60, 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 114.25. The pivot point is at 115.00.
Resistance levels: 115.70, 116.00, and 116.55
Support levels: 114.60, 114.25, and 114.00
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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