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21.09.201709:15 Forex Analysis & Reviews: Technical analysis of USD/JPY for September 21, 2017

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 21.09.2017 analysis

Both our upside targets which we predicted in our previous analysis have been hit. USD/JPY is still expected to extend its upside movement. The pair accelerated on the upside after breaking above the upper boundary of the triangle pattern. The upward momentum is further reinforced by both rising 20-period and 50-period moving averages. The relative strength index is bullish and calls for a further upside.

To conclude, above 111.80, look for a new challenge with targets at 113.30 and 113.75 in extension.

Alternatively, if the price moves in the opposite direction, a short position is recommended below 111.80 with a target at 111.50.

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: 111.80, Take Profit: 113.30

Resistance levels: 113.30, 113.75 and 114.15 Support Levels: 111.50, 111.20, 110.80

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