FX.co ★ USD/JPY analysis for January 28, 2020 - Watch for breakout of the well defined trading range, key resistance at 109.16

USD/JPY has been trading inside of the well defined trading range. Watch for potential breakout of the resistance at 109.16 to confirm further upside and potential test of 109.27 and 109.50.

Today we got rejection of the important low at 108.80. I expect further upside and my advice is to watch for buying opportunities on the breakout with main target at 109.50.

MACD oscillator is showing positive reading above the zero and the slow line just turned to the upside.

Resistance level is set at the price of 109.15.

Support level is set at the price of 108.75.