FxWirePro: Bullish moves in USD/JPY to continue, buy-dip strategies recommended

Strong US NFP readings strongly anchored December rate hike bets, boosting USD across the board. The dollar index soared to nearly seven-month highs after the robust U.S. employment data. 

• U.S. nonfarm payrolls rose 271,000 last month, far exceeding expectations at 180,000. The dollar index was up about 0.1 percent on the day at 99.256 after rising as high as 99.345 on Friday, its loftiest peak since mid-April.
   
• Against its Japanese counterpart the dollar added 0.1 percent to 123.25, after rising as high as 123.35 earlier in the Asian session, its highest since late August. From a technical perspective, on  the daily charts the pair has broken above the channel top, which had been capping gains since Sept month. 
   
• USD/JPY is trading above 123.00 handle, bullish moves to continue. The pair is currently at 123.37 and is on track to test 123.50 - August 21 high. Buy-dip strategies are recommended. Initial technical resistance is seen at 123.50 Aug 21 high and 123.14 retracement low post-US payrolls report would be support on the downside.
   

Recommendation: Buy dips around 123.10, SL: 122.65, TP1: 123.50, TP2: 123.70

RES: 

R1: 123.50 (Daily High Aug 21)
R2: 124.16 (Daily High Aug 20)
R3: 124.53 (Trend-Line off the 2015 high)

SUP: 

S1: 123.14 
S2: 122.70 (Hourly low Nov 6)
S3: 121.87 (Hourly low Nov 6)