Rimani 
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USD/JPY is expected to trade with bullish bias. The pair is trading above its rising 20-period and 50-period moving averages which are playing support roles and maintain the upside bias. The relative strength index is above its neutrality level at 50 and lacks downward momentum. Additionally, 104.00 is playing a key support role, which should limit the downside potential. On Monday, the US stocks posted gains as investor sentiment was boosted by strong corporate earnings and a wave of corporate mergers and acquisitions. The US dollar remained firm with no weakness in sight as expectations of the Federal Reserve raising interest rates in December grew. In fact, St. Louis Federal Reserve President James Bullard pointed out that an interest rate hike in December is most likely. Besides, Chicago Federal Reserve President Charles Evans said the central bank could increase rates three times by the end of 2017.
The ICE US Dollar Index inched 0.1% higher to 98.756, a fresh high since February.
As long as support at 104.00 is held, look for further upside toward 104.85 and 105.20 in extension.
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 104.85 and the second one at 105.20. In the alternative scenario, short positions are recommended with the first target at 103.75 if the price moves below its pivot point. A break of this target is likely to push the pair further downwards, and one may expect the second target at 103.50. The pivot point lies at 104.
Resistance levels: 104.85, 105.20, 105.75
Support levels: 103.75, 103.50, 103.15
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