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USD/JPY is expected to trade with a bullish bias above 114.00. The pair is consolidating above the key support at 114.00, which should limit the downside potential. The relative strength index lacks downward momentum. Even though a continuation of consolidation cannot be ruled out, its extent should be limited.
Hence, as long as 114 holds on the downside, look for a further upside to 114.90 and even to 115.25 in extension.
Alternatively, if the price moves in the opposite direction as predicted, a short position is recommended below 114.00 with a target at 113.50.
Chart Explanation: The black line shows the pivot point. The current price above the pivot point indicates a bullish position while the price below the pivot point is a sign for a short position. The red lines show the support levels and the green line indicates the resistance level. These levels can be used to enter and exit trades.
Strategy : BUY , Stop Loss: 114, Take Profit: 114.90
Resistance levels: 114.90, 115.25, and 115.50
Support levels: 113.50,113.10, and 112.65
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