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USD/JPY is expected to continue its upside movement. The pair posted a strong rebound yesterday, and is now very close to the nearest resistance at 114.80. A test of this level seems likely to occur in the coming trading hours. Besides, both the 20-period and 50-period moving averages are turning up, and should call for a new rise.
Speaking at the Commonwealth Club in San Francisco, Yellen pointed out that she and most of her colleagues expect "a few" rate hikes per year through 2019. Those remarks boosted the U.S. dollar driving the ICE U.S. Dollar Index to a day-high of 101.34.
To sum up, as long as 114.15 is not broken, look for a continuation of the rebound to 114.90 and 115.20 in extension.
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 114.90 and the second one at 115.20. In the alternative scenario, short positions are recommended with the first target at 113.80 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 113.40. The pivot point is at 114.15.
Resistance levels: 114.90, 115.20, 114.45
Support levels: 113.80, 113.40, 113.00
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