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USD/JPY is expected to trade with a bullish bias above 111.30. Although the pair broke below the 20-period and 50-period moving averages, it is still trading above the key support at 111.30, which should limit the downside potential. Even though a continuation of consolidation cannot be ruled out, its extent should be limited.
Hence, as long as 111.30 is not broken, look for a further rise to 111.90 and even to 112.20 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 11.90 and the second one at 112.20. 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 111.30.
Resistance levels: 111.90, 112.20 and 112.60
Support levels: 111.10, 110.80, and 110.50
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