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USD/JPY is expected to trade in a higher range. The pair accelerated on the upside after breaking above the bearish trend line since May 19. The upward momentum is further reinforced by the rising 20-period and 50-period moving averages. The relative strength index also broke above the declining trend line since May 19.
Therefore, as long as 111.40 holds on the downside, look for a further rise to 112.20 and even to 112.60 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 112.20 and the second one at 112.60. In the alternative scenario, short position is recommended with the first target at 111.10 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 110.80. The pivot point is at 111.40.
Resistance levels: 112.20, 112.60, and 112.80
Support levels: 111.10, 110.80, and 110.50
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