FxWirePro: USD/JPY hits nine month high, scope for further upside

 • USD/JPY climbed to a nine-month high on Tuesday as optimism over a potential U.S. government reopening dampened demand for safe haven  yen.

 • A bill to restore U.S. federal funding and end the nation’s longest-ever shutdown passed an initial Senate test late Sunday, though the timing of final congressional approval remains uncertain.

• The U.S. government shutdown has pushed back the release of the non-farm payrolls report, prompting traders to look to private sources for labor market indicators.

• Risk-on sentiment dominated early trading, leading to an   pullback in safe havens like the yen and U.S. government bonds.

• Meanwhile, the Bank of Japan’s (BoJ) Summary of Opinions released on Monday showed policymakers were divided over when and whether to raise interest rates again..

• Immediate resistance is located at 154.52(23.6%fib), any close above will push the pair towards 155.31(Higher BB).

•  Support is seen at 153.50 (38.2%fib) and break below could take the pair towards 152.80 (38.2%fib)

Recommendation: Good to buy  around 154.20 with stop loss of 153.50 and target price of 155.00