USD/JPY is expected to trade with a bullish outlook. the pair keeps trading on the upside while approaching the overhead resistance at 111.70 (around the high of November 27). Extra support is provided by the ascending 20-period moving average, which stands above the 50-period one. Meanwhile, the relative strength index is well directed in the 60s, indicating continued upward momentum for the pair. Strong intraday bullishness persists, and the pair should target 111.90 upon reaching 111.70. Key support is located at 111.10.
Alternatively, if the price moves in the opposite direction, a short position is recommended below 111.10 with a target of 111.70.
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: 111.10, Take Profit: 111.70
Resistance levels: 111.70, 111.90 and 112.30 Support Levels: 110.80, 110.55, 110.30