USD/JPY is expected to trade with bullish bias above 119.75. The pair keeps trading on the upside (now at 119.96) and around the 50-period intraday moving average (now at 119.87), which is currently playing a support role. And the intraday RSI is within the buying area between 50 and 70. The first upside target is set at the horizontal resistance at 120.365; and the second one, at 120.95.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 120.65 and the second target at 120.95. In the alternative scenario, short positions are recommended with the first target at 119.45 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 119.20. The pivot point is at 119.75.
Resistance levels: 120.65 120.95 121.30
Support levels: 119.45 119.20 119.00
The material has been provided by InstaForex Company - www.instaforex.com