Technical analysis of USD/JPY for October 23, 2017

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All our targets which we predicted in Yesterday's analysis have been hit. USD/JPY is expected to continue its upside movement. The pair is trading above its rising 20-period and 50-period moving averages, which play support roles and maintain the upside bias. The relative strength index calls for a new upside.

To conclude, as long as 113.45 is not broken, look for a further rise with targets at 114.30 and 114.80 in extension.

Alternatively, if the price moves in the opposite direction, a short position is recommended below 113.45 with a target at 113.05.

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: 113.45, Take Profit: 114.30

Resistance levels: 114.30, 114.80 and 115.35 Support Levels: 113.05, 112.70, 112.40

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