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USD/JPY 111.65 level seen as target

USD/JPY registered a strong upwards movement in the previous week. It has increased as much as 111.06 today as the DXY and the Nikkie have stayed higher. In the short term, the pair could slip lower trying to test and retest the immediate support levels before jumping higher.

Surprisingly or not, USD/JPY stays higher despite the US data have come in mixed today. The Durable Goods Orders increased by 1.8% compared to 0.7% expected and versus 0.5% in the previous reporting period.

Tomorrow, the BOJ Core CPI is expected to register 0.2% growth. Also, the Monetary Policy Meeting Minutes is likely to bring more action. On the other hand, the US CB Consumer Confidence is expected to increase from 113.8 to 115.2 points which could be good for the USD.

USD/CHF strongly bullish

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The USD/JPY pair has managed to stay above 110.82. It has retested this level and now it tries to resume its growth. The next upside obstacle, or the target, is seen at the 111.31 level while the level of 111.65 represents a major resistance, the target.

Temporary retreats could help us to catch new upwards movements. In the short term, a temporary decline is expected after the amazing rally. A temporary consolidation here above 110.80 may offer us new buying signals.

USD/JPY forecast

A breakout through 110.80 signaled an upside continuation. Still, it's risky to buy it here as the price could come back down to test and retest the immediate support levels. A minor accumulation here may attract more buyers.

Technically, the current growth is natural after making the Double Bottom and after failing to make new lower lows. A valid breakout through 111.65 could announce a broader upwards movement.

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