• USD/JPY hit three-month high on Wednesday as yen remained under pressure as the dollar and U.S. Treasury yields marched higher, pushing the pair to three-month high.
• Greenback has climbed for three weeks as expectation for aggressive rate hikes from the Federal Reserve has faded after a slew of upbeat economic data.
• At GMT 01:52, the pair was up 0.40% to 151.67, its highest level since July 22 nd.
• Technical signals are strongly bullish as RSI is at 68, daily momentum studies 5, 9 and 10 DMAs are trending up.
• Immediate resistance is located at 152.28(38.2%fib), any close above will push the pair towards 153.45(Higher BB).
• Support is seen at 151.00(Psychological level ) and break below could take the pair towards 149.82 (38.2%fib).
Recommendation: Good to buy around 151.20, with stop loss of 150.50 and target price of 151.80
