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Chart pattern- bullish divergence
USDJPY recovered sharply more than 300 pips and hits intraday high of 104.25. The pair has halted its 2-week of a bearish trend. The yen was one the best performer due to the increased demand for Safe-haven assets.
Technically, the pair's immediate resistance at 105.38 (38.2% fib) and any indicative break above targets 106/107.
On the flip side, near term support is around 104 and any violation below will drag the pair down till 103/101.18.
It is good to buy on dips around 104.45-50 with SL around 104 for the TP of 106.45/107.
