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The major trend of USD/JPY is bullish. Prices are successfully consolidating with strong positive bias taking resistance of falling trend line and expected to give breakout at upside. If the pair crosses the important level of 121.55 and sustains above it then it can continue its ongoing trend. If USD/JPY crosses the resistance level of 121.60 at upside then we can expect it to test the level of 122.20/122.60. 

                                            

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INDICATORS:-

RSI is sustaining in buying territory supporting the upcoming bullish trend in the pair.

Prices are also taking support of 200 DMA, can show positive side movement for the day.

STRATEGY:- USD/JPY is sustaining on higher levels & looking bullish on charts. One can go for buy on dips strategy for this pair for intra day to mid term positions.

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Technical Analysis and Trading Recommendations for USD/JPY Today

Technical Analysis of USD/JPY

Analyzing the yen in the Forex market on March 18, it is seen that the price continues corrective movement to pivot level of 101.98. Current sell signal is confirmed and strong as Chinkou Span is below the price, and the price is below the Ichimoku cloud. So now aim for a downward movement is the first support level of 100.56. In the case of overcoming the first target, the downward movement may continue with a view- the second support level of 99.77. Downward movement relevant to until the price is below the critical line Kijun-sen (102.15), if the price consolidates above the Kijun-sen, the "dead cross" weaken and may cancel, and further downward movement is called into question, Ascending same movement may continue with a view to the first resistance level of 102.77.

Trading recommendations:

Yen in the foreign exchange market is now advised to consider the sell position with the first target 100.56. In the case of overcoming the first target, sell orders will be relevant for the purpose of 99.77. Stop loss placed above 102.15 and with the lowering of the line can be moved down and stop loss. Open new short positions will be the rebound rates from 101.98 pivot level (or critical line), or in the case of the MACD reverses down (may be late to the reaction) . When entering transactions in the profitability of 50-60 points, Stop Loss can be transferred into the zone bezubytka. Take profits can be set at about 100.65 and 99.85. In addition to the technical picture should also consider the fundamental data and the time of their release. If possible, open trades "proactive" can move to a smaller timeframe (M15-M30) and observe the reversal of the trend indicator (eg Heiken Ashi ) about the price level, which is about possible price reversal.