FxWirePro: USD/JPY breaks strong resistance at 105.50, good to go long on dips
USD/JPY has broken strong trendline resistance at 105.50, upside could see test of 50-DMA at 106.30 levels. Intraday bias is bullish, Technicals support further upside in the pair, we see scope for test of 100-DMA at 108…
USD/JPY has broken strong trendline resistance at 105.50, upside could see test of 50-DMA at 106.30 levels.
Intraday bias is bullish, Technicals support further upside in the pair, we see scope for test of 100-DMA at 108 levels on break above 50-DMA.
Yen remains on the back foot in Asia despite recent Nice terror attack and falling prospects of helicopter money, while dollar supported on good data (including producer price index and jobless claims).
Focus now on China GDP data, while the US CPI and retail sales will be a potential catalyst in the US session. .
Immediate support and resistance are seen at 104.62 (5-DMA) and 106.30 (50-DMA) respectively.
Recommendation: Good to buy dips around 105.60/70, SL: 105, TP: 106/106.30/106.80
