USD/JPY is expected to trade with bullish outlook. The pair posted a rebound from 110.60 (the low of July 24) and broke above its 20-period and 50-period moving averages. In addition, the bullish cross between 20-period and 50-period moving averages has been identified, which indicates a positive signal. The relative strength index is bullish and calls for a further upside.

To sum up, while the price is above 110.80, look for a rebound to 111.80 and even to 112.10 in extension.

Alternatively, if the price moves in the opposite direction, a short position is recommended below 110.80 with a target at 110.60.

Chart Explanation: The black line shows the pivot point. The current price above the pivot point indicates a bullish position while the price below the pivot point is a signal for a short position. The red lines show the support levels and the green line indicates the resistance level. These levels can be used to enter and exit trades.

Strategy: BUY, Stop Loss: 110.80, Take Profit: 111.80

Resistance levels: 111.80, 112.10, and 112.45 Support Levels: 110.60, 110.35, 110.00