USD/JPY has developed a new swing higher, uptrend, after jumping and stabilizing above the downtrend line. The outlook is bullish, so the pair could extend its growth and could approach and reach new highs.
The immediate upside target is seen at the 110.00 psychological level. Passing and stabilizing above it could indicate a further growth towards 111.00 psychological level. USD/JPY is expected to increase as long as it stays above the minor uptrend line.
Trading Conclusion!
USD/JPY should continue to increase and resume the current minor uptrend. The 111.00 could be used as the next upside target. The minor uptrend line retest could be used as a new buying opportunity.
The Stop Loss should be placed below the minor uptrend line, maybe to be hidden below 108.78.
The material has been provided by InstaForex Company - www.instaforex.com