Source: PaxForex Premium Analytics Portal, Technical Insight

The USDJPY trades at 106.68 and keeps moving in a strong growth and upward channel. USD/JPY is moving above the upper boundary of Ichimoku Kinko Hyo Cloud. It  indicates that there is a bullish trend.

USD/JPY, 30 min

Pivot: 106.70

Analysis:

Provided that the currency pair is traded above 106.40 follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 106.70
• Take Profit 1: 106.90
• Take Profit 2: 107.10

Alternative scenario: 

In case of breakdown of the level 106.40, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 106.40
• Take Profit 1: 106.25
• Take Profit 2: 105.95

Comment:

Technically RSI shows the possibility of an uptrend during the day. 

Key levels:

USD/JPY, D1

Pivot: 105.86

Analysis:

While the price is below 108.15, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 105.86
• Take Profit 1: 104.15
• Take Profit 2: 102.40

Alternative scenario:

If the level 108.15 is broken-out, follow the recommendations below.

• Time frame: D1
• Recommendation: long position
• Entry point: 108.15
• Take Profit 1: 109.65
• Take Profit 2: 111.20

Comment:

RSI shows a medium-term downtrend.

Key levels: