FxWirePro: USD/JPY breaks major resistance at 104.65, good to go long on dips

• USD/JPY bulls take a breather after break of major channel top resistance at 104.65.
   
• Markets pricing of a Fed rate hike in December remains the main catalyst. 
   
• That said, US election results could shift the odds in either direction.  
   
• For now, the pair trades with a major bullish bias, scope for further gains.
   
• The pair is currently hovering around 23.6% Fib retrace of 125.856 to 98.787 fall at 105.17.
   
• RSI strength at 65, MACD is in positive territory and biased higher.
   
• Major support levels - 104.65 (5-DMA & trendline), 104, 103.81 (20-DMA)
   
• Major resistance levels - 105.55, 106, 106.40 (July 22 high), 106.81 (June 24 high)
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Recommendation: Good to go long on dips around 104.75, SL: 103.80, TP: 105.55/ 106/ 106.81