USD/JPY rising perfectly, remain bullish for a further rise

The price has rose perfectly to our first profit target and has surpassed that level. We are now seeing the major support at 106.41 (breakout level, Fibonacci retracement, horizontal overlap support) that should provide the support we need to see the price to push up to 107.09 resistance (Fibonacci retracement, horizontal swing high resistance).

RSI (34) has made a nice bearish exit from our long-term descending resistance-turned-support line signalling that a rally is expected.

Buy above 106.41. Stop loss at 106.18. Take profit at 107.09.

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