USD/JPY dropped again after its failure to stabilize above 109.63 level. Now the price is about to reach the major uptrend line. A new rejection from this dynamic support could bring a new upwards movement.
The pressure is high in the short term as long as USD/JPY is trading below the immediate downtrend line. So, the price needs to jump above the downtrend line to confirm a potential upside movement.
Trading Conclusion!
USD/JPY could develop a new swing higher if it stays above the uptrend line and if it jumps above the immediate downtrend line and beyond 109.20. 109.63 could be used as the first upside target.
The material has been provided by InstaForex Company - www.instaforex.com