USD/JPY dropped in the short term again but the outlook remains bullish as long as it stays above the major uptrend line. The pair is trapped below a new minor downtrend line. If it jumps and stabilizes above, it could bring a new buying opportunity.
The price could retest the red uptrend line before passing above the downtrend line. The pressure is still high as long as it stays below the minor downtrend line.
Trading Conclusion!
USD/JPY could still grow as long as it stays above the uptrend line. Jumping and stabilizing above the downtrend line and beyond 109.20 could signal a new upside movement to the target of 110.00.
The material has been provided by InstaForex Company - www.instaforex.com