USD/JPY has reached our profit target perfectly, prepare for further rise



The price has risen perfectly to our profit target and looks poised to rise further after breaking a strong descending resistance-turned-support line. We look to buy above 106.48 (Fibonacci retracement, horizontal overlap support, breakout level) for a push up to 108.51 (Fibonacci retracement, horizontal pullback resistance). We do have to be cautious about 107.78 resistance as the price might react off that level.

RSI (89) has made a similar bullish exit signaling a change in momentum from bearish to bullish.

Buy above 106.48. Stop loss at 105.81. Take profit at 108.51

Analysis are provided byInstaForex.