Technical analysis of USD/JPY for September 15, 2017

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USD/JPY is expected to trade with a bullish outlook.The pair broke above the bullish channel, which confirmed a positive outlook. The 20-period moving average crossed below the 50-period one. The relative strength index is heading upward.

Hence, as long as 110.25 holds on the upside, a further upside to 110.80 and even to 111.05 seems more likely to occur.

Alternatively, if the price moves in the opposite direction, a short position is recommended below 110.25 with a target at 109.85.

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: 110.80, Take Profit: 111.05

Resistance levels: 110.80, 111.05, and 111.80 Support Levels: 109.85, 109.50, 109.05

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