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USD/JPY is expected to go on its advance. The pair remains on the upside, backed by its ascending 20-period and 50-period moving averages. The relative strength index is bullish above its neutrality area at 50. In addition, the process of higher highs and lows remains intact, which should confirm a positive outlook.
On Thursday, U.S. stocks were mixed as big banks gained while technology shares stumbled. The Dow Jones Industrial Average jumped another 218 points (+1.2%) to an all-time high of 18,807. The S&P 500 added 4 points (+0.2%) to 2,167, while the Nasdaq Composite shed 42 points (-0.8%) to 5,208.
Wells Fargo surged 7.6%, and Goldman Sachs, JPMorgan and Bank of America gained over 4%. In fact, the S&P 500 financial sector was up 3.7% to its highest level since the 2008 financial crisis. With Donald Trump's newly-won presidency, investors are expecting higher interest rates, which could benefit banks.
Pharmaceuticals and industrials were also strong.
On the other hand, investors shifted out of technology shares and into infrastructure firms, which are anticipated to benefit from Trump's policies. Amazon slumped 3.8%, Apple dropped 2.8%, Alphabet lost 2.9%, and Facebook fell 1.9%.
Hence, as long as 105.90 is not broken, likely advance to 107.00 and 107.50 in extension.
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 107.00 and the second one at 107.50. In the alternative scenario, short positions are recommended with the first target at 104.95 if the price moves below its pivot point. A break of this target is likely to push the pair further downwards, and one may expect the second target at 103.85. The pivot point lies at 105.90.
Resistance levels: 107.00, 107.50, 108
Support levels: 104.95, 103.85, 102.90
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