FxWirePro: USD/JPY hovers around 100-DMA at 103.42 ahead of FOMC minutes, momentum studies bullish

• USD/JPY is holding above 100-DMA at 103.42 as markets await FOMC meeting minutes.
   
• Major trendline resistance at 104 levels, spinning top formation seen on Tuesday's trade.
   
• Momentum studies remain bullish, RSI strength seen at 60 levels, Stochs are at overbought so some caution advised.
   
• Major support levels - 103.53 (1H 20-MA), 103.41 (100-DMA), 102.85 (Oct 7 low)
   
• Major resistance levels - 103.67 (session high), 104 (trendline), 104.16 (Oct 6 high)
   
• Fedspeak has leaned hawkish lately and the data largely supports the outlook.
   
• Easing calls from BOJ’s Kuroda and Harada have muted reaction on the yen, focus on FOMC for further impetus.
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Recommendation: Good to go long on break above 104, SL: 103.41, TP: 105/ 105.50