USD/JPY has been trading upwards. The price tested the level of 106.95 Anyway, I still expect more upside and at least another upward swing. Key resistance trend line is broken and that is strong sign that buyers are in control.
Red horizontal line – Important resistance and first upward objective
Purple horizontal line – Second objective target and Fibonacci 100%
Pink rising line – Expected path
.MACD oscillator is showing new momentum up, which is good confirmation for upside and I do expect at least another push higher. Key support is at 106.67 and resistance at 107.27 and 107.90. Bears need to be very cautious as there is strong upward momentum in the background and potential buying the deep type of feeling. As long as the USD/JPY is holding above 105.85 there is a chance for new push higher. Weekly bullish divergence on the oscillator is helping further upside.
