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USD/JPY is expected to extend its upside movement. The pair is holding on the upside and broke above its 20-period and 50-period moving averages which acts as support and maintains the upside bias. The relative index is bullish above its neutrality area at 50 and is calling for further upside. On Thursday, U.S. stocks rebounded sending all three major indexes to record-high closing levels on the same day, the first time since 1999. The U.S. dollar stabilized after experiencing broad-based selling for the prior two sessions. As long as 101.50 holds on the downside, look for further rise toward 102.30. A break above this level would open the way to further upside toward the next resistance at 102.50.
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 102.30 and the second one, at 102.50. In the alternative scenario, short positions are recommended with the first target at 101.15, 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 100.95. The pivot point is at 101.50.
Resistance levels: 102.30 , 102.50, 102.85
Support levels: 101.15, 100.95, 100.65
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