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All our targets which we predicted in yesterday's analysis have been hit. USD/JPY is still expected to trade with a bullish outlook. The pair is trading above its rising 20-period and 50-period moving averages, which play support roles and maintain the upside bias. The relative strength index is supported by a rising trend line. To conclude, as long as 113.80 holds on the downside, a further rebound to 114.40 and even to 114.70 seems more likely to occur.
Alternatively, if the price moves in the opposite direction, a short position is recommended above 113.80 with a target at 113.65.
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: 113.60, Take Profit: 114.70
Resistance levels: 114.40, 114.70 and 115.05 Support Levels: 113.65, 11.30, 112.95
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