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USD/JPY is expected to prevail its upside movement. The pair accelerated on the upside after the bullish penetration of a key horizontal level at 101.30. Both the 20-period and 50-period moving averages reversed up, and should continue to push the prices higher. Meanwhile, the relative strength index crossed above its 70% level, and entered its "overbought" area. Nevertheless, the upward momentum is still strong. On the economic data front, the second reading of U.S. 2Q annualized GDP improved by 1.1%, in line with forecasts, revised from a rise of 1.2% in the first reading. At Jackson Hole, the Chairwoman of the Federal Reserve, Janet Yellen, took the time to discuss the recent monetary policy framework, stating that the solid performance of the labour market and the improved expectations of the economic activity have improved the chances of a potential increase in the federal funds rate.
Hence, as long as 101.30 holds on the downside, look for further upside to 102.50 and even to 102.80 as possible.
Trading Recommendation:
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 102.50 and the second one, at 102.80. In the alternative scenario, short positions are recommended with the first target at 100.85 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 100.50. The pivot point is at 101.35.
Resistance levels: 102.50, 102.80, 103.25
Support levels: 100.85, 100.50, 100
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