FxWirePro: USD/JPY breaks resistance at 112.20, good to buy dips

USD/JPY catches fresh bid tone in the last hour, breaks trendline resistance at 112.20. 

• Not so upbeat comments from the BOJ's Kiuchi and the rebound seen in the Japanese stocks weighing on the Yen.
• Kiuchi highlighted the side-effects of massive JGB buying and added that its difficult to achieve the 2% price target with monetary policy alone. 
• Momentum studies on 4 hourly charts are bullish, further upside in the pair likely. 
   
• Immediate resistance is located at 113.05 (Feb 23rd highs), breaks above will take the major to test 113.13 (10-DMA). 
• To the downside, immediate support lies at 111.65 (Feb 12th lows) and below that at 111.05/110.98 (Feb 24 & 11 Low).
• US durable goods data will be in focus ahead of Friday's prelim GDP figures for further direction in the pair.

Recommendation: Good to buy dips around 112.30/40, SL: 111.90, TP: 113/113.10/113.40