Technical analysis of USD/JPY for August 07, 2017


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 -