Technical analysis of USD/JPY for August 07, 2017

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Our target which we predicted in previous analysis has been hit. Pair is expected to trade with bullish outlook as it is trading above its rising 20-period and 50-period moving averages, which play support roles and maintain the bullish bias. The relative strength index shows upside momentum.

Therefore, as long as 110.50 holds on the downside, look for a further rise to 111.30 and even to 111.60 in extension.

Alternatively, if the price moves in the opposite direction, a short position is recommended below 110.50 with a target at 110.25.

Chart Explanation: The black line shows the pivot point. The current price above the pivot point indicates a bullish position while the price below the pivot point is a signal for a short position. The red lines show the support levels and the green line indicates the resistance level. These levels can be used to enter and exit trades.

Strategy: BUY, Stop Loss: 110.50, Take Profit: 111.30

Resistance levels: 111.30, 111.60, and 11200 Support Levels: 110.25, 110, 109.55

The material has been provided by InstaForex Company - www.instaforex.com