USD/JPY has been trading upwards as we expected. The price tested the level of 111.58. We are still expecting more upside on USD/JPY.
According to the H4 time-frame, USD/JPY is still in the robust short-term upward trend and our expectation is that price will head towards the resistance levels at 111.70 and 111.90. ADX reading is at 31, which is another sign that trend is strong. Price is also trading above the 20-exponential moving average (yellow line) and most recently we got the breakout of the bullish flag. Support level is seen at the price of 111.20.
Trading recommendation: We are still holding our long position from 110.95 with the secured stop lose on breakeven but we added another smaller long position from 111.40 and with the protective stop at 111.10.
The material has been provided by InstaForex Company - www.instaforex.com