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Overview:
USD/JPY is trading with bullish bias. The break above 104.45 is a positive signal that has opened a path to 105.15. Daily chart is positive-biased as MACD and stochastics are turned bullish; five- and 15-day moving averages are advancing.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 105.15 and the second target at 105.45 in mind. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 104.1.The breach of this target will move the pair further downwards and one may expect the second target at 103.75. The pivot point stands at 104.45.
Resistance levels:
105.15
105.45
105.85
Support levels:
104.1
103.75
103.3
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