FxWirePro: Risk assets bid on EU migration deal, long USD/JPY breakout at 110.75

• Demand for risk assets are on the rise on the news that European leaders have reached an agreement on migration.
   
• USD/JPY hit 2-week highs at 110.78 before paring some gains to currently trade at 110.70.
   
• The pair finds major trendline resistance at 110.75, break above could propel the pair higher.
   
• Technical indicators on daily charts are biased higher. Stochs show bullish momentum and RSI strong above 60.
   
• Breakout at trendline resistance likely to see test of 111.40 (May 21 high) ahead of 112.57 (78.6% Fib).
   
• On the flipside, rejection at trendline resistance to see retrace till 21-EMA (110.10). Break below daily cloud to negate bullish bias.

Support levels - 110.17 (200-DMA), 110.10 (21-EMA), 109.73 (cloud top)

Resistance levels - 110.75 (trendline resistance), 111, 111.40 (May 21 high)

Recommendation: Good to go long on breakout at trendline resistance (110.75), SL: 110.15, TP: 111/ 111.40/ 112

FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at -22.1814 (Neutral), while Hourly JPY Spot Index was at -176.673 (Bearish) at 0345 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.