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Both our upside targets which we predicted in our previous analysis have been hit. USD/JPY is still expected to extend its upside movement. The pair accelerated on the upside after breaking above the upper boundary of the triangle pattern. The upward momentum is further reinforced by both rising 20-period and 50-period moving averages. The relative strength index is bullish and calls for a further upside.
To conclude, above 111.80, look for a new challenge with targets at 113.30 and 113.75 in extension.
Alternatively, if the price moves in the opposite direction, a short position is recommended below 111.80 with a target at 111.50.
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 signal 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: 111.80, Take Profit: 113.30
Resistance levels: 113.30, 113.75 and 114.15 Support Levels: 111.50, 111.20, 110.80
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