Technical analysis of USD/JPY for October 06, 2017 888011000 110888 Our first target which we forecasted in Yesterday’s analysis to strike 113.20 level has actually been reached today. The pair posted a strong rebound, and is most likely to challenge its next resistance at 113.50 in the coming trading hours. Both the 20-period and 50-period moving averages are showing up, and play strong resistance functions. Besides, the relative strength index is bullish above its neutrality area at 50. To summarize, as long as 112.70 is not broken, try to find more advance to 113.50 and 113.80 in extension. If the rate moves in the opposite instructions, a short position is recommended listed below 112.50 with a target at 112.30. Chart Explanation: The black line reveals the pivot point. The present cost above the pivot point suggests a bullish position, while the rate listed below the pivot point is a signal for a brief position. The red lines reveal the assistance levels and the green lineindicates the resistance level. These levels can be utilized toenter and exit trades.Strategy: Purchase, Stop Loss: 112.50, Take Earnings: 113.20 Resistance levels : 113.20, 113.50 and 113.75 Assistance Levels: 112.30, 112.05, 111.75 The product has been supplied by InstaForex

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