- 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)
Recommendation: Good to go long on dips around 104.75, SL: 103.80, TP: 105.55/ 106/ 106.81
