Technical analysis of USD/JPY for December 21, 2017

The USD/JPY pair as expected is breaking higher. I continue to expect that price will eventually reach 115 over the coming weeks. Trend here is bullish. I'm a buyer at pull backs.

analytics5a3b6e86b644b.png

Price has reversed higher off the 50% Fibonacci retracement in the Daily chart and is breaking above the Ichimoku cloud resistance. Trend is bullish. Daily support is at 113. Resistance is at 113.90.

analytics5a3b6ecf5f448.png

The USD/JPY pair is respecting weekly cloud support. Price back tested the weekly Kumo (cloud) and is now bouncing higher above previous week's highs. Trend is clearly bullish and I expect 115 to be reached soon. My bullish view can only be canceled on a break below 111.50.The material has been provided by InstaForex Company - www.instaforex.com