USD/JPY remain bullish for a further rise

The price continues to hover above support but see a long term descending resistance as first intermediate resistance. We remain bullish looking to buy above major support of 108.85 (Fibonacci extension, horizontal swing low support) for a push up to at least 110.28 resistance (Fibonacci retracement, horizontal overlap resistance). It is important to be wary of the descending resistance as price approaches it.

Stochastic (34,5,3) is making higher lows pushing price up.

Buy above 108.85. Stop loss is at 108.28. Take profit is at 110.28.

analytics59a37745a66ba.png

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