USD/JPY has been trading upwards today and there is a good momentum on the upside present. I would watch for buying opportunities on the dips with the potential target at 106.65
Blue rectangle – Intraday support
Red horizontal line – Resistance and objective target
Magneta upward line – Expected path
MACD oscillator is showing new up momentum in the background and I do expect at least another movement higher. Key resistance is at 106.65 and intraday support at 106.17.Bears need to be very cautious as there is still a overall bullish trend. I will stay bullish as long we don't see any big reversal sign. Upward momentum will not disappear easily, it will take time to slowdown. Buying opportunities are preferable.
