- USD/JPY hits fresh highs for the week, trades 0.75% higher on the day at 101.42.
- Asian indices were trading on a higher note on Thursday after Yellen’s testifies. Yellen’s kept alive possibility of rate hike in November.
- Also Japan’s MOF says stands ready to intervene if USD/JPY breaches 100.00.
- Technical indicators have turned slightly bullish, we see scope for test of 20-DMA at 101.79. Break above finds next hurdle at major trendline at 102.15.
- Major support levels - 101.08 (10-DMA), 101, 100.78 (5-DMA), 100.65 (session low)
- Major resistance levels - 101.79 (20-DMA), 102, 102.15 (trendline)
Recommendation: Good to buy dips around 101.35/40, SL: 101, TP: 101.75/ 102/ 102.15
