USD/JPY has been trading upwards today and there is a good momentum on the upside present. I would watch for buying opportunities on the dips with the potential target at 106.65
Blue rectangle – Intraday support
Red horizontal line – Resistance and objective target
Magneta upward line – Expected path
MACD oscillator is showing new up momentum in the background and I do expect at least another movement higher. Key resistance is at 106.65 and intraday support at 106.17.Bears need to be very cautious as there is still a overall bullish trend. I will stay bullish as long we don’t see any big reversal sign. Upward momentum will not disappear easily, it will take time to slowdown. Buying opportunities are preferable.
The material has been provided by InstaForex Company – www.instaforex.com
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