FxWirePro: USD/JPY breaks strong resistance at 113.20, targets 114.20

• Bullish tone in USD/JPY pushes the pair higher to break strong resistance at 113.20.
   
• Rising prospects of a Fed rate hike next month particularly after upbeat US Q4 GDP revision keep the US dollar supported, USD/JPY extends upside for 8th straight session.
   
• Most Asian regions observe Easter Monday holiday, trades remain thin, the Japanese yen remains weak on the back of risk-on rally in the Japanese stocks.
   
• 113.80 is next immediate resistance for the pair. Breaks above could see tests of 114 and then 114.20 levels.
   
• On the downside supports are seen at 113.27 (4h 5DMA), 113.11 (session lows) and further below at 113.
   
• Calendar focus this week shall remain on U.S. ISM manufacturing, ADP Employment Report and PCE inflation for February along with BoJ Tankan survey.
  ​

Recommendation: Good to buy dips around 113.55, SL: 113, TP: 113.80/114/114.20