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USD/JPY is expected to trade with a bullish bias and retain its upside movement. The pair is showing strong upward momentum, and is likely to challenge its nearest resistance at 104.20. Meanwhile, the rising 50-period moving average acts as support, and should continue to push the prices higher. In addition, the relative strength index is bullish above its neutrality area at 50.
On Monday, U.S. stock indexes rebounded as energy shares were boosted by oil prices' 3% rally. The Dow Jones Industrial Average rebounded 88 points (+0.5%) to 18,329, the S&P 500 added 9 points (+0.5%) to 2,163, and the Nasdaq Composite was up 36 points (+0.7%) to 5,328. The U.S. dollar remained firm while being buoyed by expectations of the Federal Reserve probably raising interest rates in December. Wednesday's release of the Federal Reserve Open Market Committee's latest meeting minutes should be closely watched by investors.
Hence, as long as 103.20 holds on the downside, we expect a new bounce to 104.20 and even to 104.50 if possible.
Trading Recommendation: 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. Therefore, long positions are recommended with the first target at 104.20 and the second one at 104.50. In the alternative scenario, short positions are recommended with the first target at 102.75 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 102.40. The pivot point lies at 103.20.
Resistance levels: 104.20, 104.50, 104.85
Support levels: 102.75, 102.40, 102.00
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