FX.co ★ Technical analysis of USD/JPY for June 26, 2017

USD/JPY is expected to trade with a bullish bias above 111.15. The technical picture of the pair is positive as the prices broke above the declining trend line. The upward momentum is further reinforced by the rising 50-period moving average. The relative strength index is mixed with bullish bias.

Hence, above 111.15, expect a new advance with targets at 111.70 and 112 in extension

Alternatively, if the price moves in the opposite direction as predicted, short position is recommended below 111.15 with targets at 110.90 and 110.65.

Chart Explanation: The black line shows the pivot point. The present price above pivot point indicates the bullish position while the price below pivot point indicates the short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Strategy : BUY, Stop Loss: 111.15, Take Profit: 111.70

Resistance levels: 111.70, 112.00, and 112.50

Support levels: 110.90,110.65, and 110.35