FxWirePro: USD/JPY finds stiff resistance by 50-DMA at 106.22, break above targets 106.81

• USD/JPY edges lower from session highs at 106.01, intraday bias higher.
   
• The pair was capped by 50-DMA on Friday, which is currently at 106.22 and stiff resistance.
   
• The pair is currently holding above major trendline support at 105.30, break above 50-DMA could target 106.81 (June 24th high).
   
• On the flipside, 5-DMA at 104.98 is strong support, break below could see weakness upto 103.97.
   
• Momentum studies are bullish, however stochs are at oversold so some caution advised.
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Recommendation: Good to long on break above 106.22, SL: 105.30, TP: 106.80