Technical analysis of USD/JPY for September 12, 2017

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USD/JPY is expected to trade with bullish outlook. The pair posted a powerful rebound yesterday striking against the 109.50 mark. Currently, it keeps trading on the upside while being supported by the ascending 20-period moving average, which stays above the 50-period one. The relative strength index continues to stand above the neutrality level of 50, calling for upward momentum for the pair.

Hence as long as the pair is above 108.80, it is expected to target 110.40 once reaching 109.95.

Alternatively, if the price moves in the opposite direction, a short position is recommended below 108.80 with a target at 108.30.

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: 108.80, Take Profit: 109.95

Resistance levels: 109.95, 110.40, and 110.75 Support Levels: 108.30, 107.80, 107.40

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