- USD/JPY has broken major resistances: channel top at 112.75, cloud top at 112.80 and 100-DMA at 113.10.
- Momentum studies are highly bullish, scope for test of 114 levels.
- On weekly charts the pair is showing a break above 100-SMA at 113.23.
- Pair is holding above 5-DMA at 112.95 which is strong support.
- We see minor reversal on close below 5-DMA and further reversal only on break below daily cloud.
Support levels - 113.10 (100-DMA), 112.95 (5-DMA), 112.80 (cloud top)
Resistance levels - 114, 114.63 (61.8% Fib), 114.75 (Mar 3 high)
TIME TREND INDEX OB/OS INDEX
1H Bullish Overbought
4H Bullish Overbought
1D Bullish Near overbought
1W Bullish Neutral
Recommendation: Good to go long on dips around 113.60, SL: 112.95, TP: 114/ 114.60
FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at 57.984 (Neutral), while Hourly JPY Spot Index was at -48.0711 (Neutral) at 0915 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
