USD/JPY has been trading upwards as we expected. The price tested the level of 111.95. We are expecting more upside on this currency pair.
According to the daily time-frame, we found that the neckline at 111.82 from the inverted head and shoulders pattern got broken, which is sign that demand is in control. To confirm even more the breakout, we would like to see USD/JPY to trade at 112.30 before we buy. Support level is seen at the price of 110.85.
Trading recommendation: We are watching for buying USD/JPY if price trades above 112.30. Projected target is set at the price of 113.90.The material has been provided by InstaForex Company - www.instaforex.com