USD/JPY is expected to trade with the pair keeps charging higher while intraday bullishness is maintained by well-directed 20-period and 50-period moving averages. The relative strength index has climbed into the 60s without showing signs of a bearish reversal. Meanwhile, the level of 106.00 is holding as the key support. On the upside the pair should target 106.70 and in extension, 107.00.
Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates a bullish position, and the price below the pivot point indicates a short position. The red lines show the support levels, and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Strategy: BUY, stop loss at 106.00, take profit at 106.70
Resistance levels: 106.70, 107.00, and 107.30
Support levels: 105.70, 105.30, and 105.00.
The material has been provided by InstaForex Company - www.instaforex.com