FxWirePro: USD/JPY on track to test 50-DMA at 102.74, good to go long on dips

• Hawkish comments from Fed’s Yellen on Friday has triggered broad-based USD rally.
   
• USD/JPY open Monday with a 25-pip bullish gap and is trading 0.48 pct higher on the day around 102.23.
   
• The pair has broken 20-DMA and momentum has turned bullish. Stochs, RSI and CCI indicate further upside in the pair.
   
• Scope for test of 50-DMA at 102.75, violation there could see test of major trendline resistance at 104.80.
   
• Supports on the downside are seen at 101.41 (23.6% Fib), 101.06 (20-DMA) and 100.87 (Aug 5 low).
   
• US personal spending and income report due later today will be in focus for further direction.
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Recommendation: Good to buy dips around 102 levels, SL: 101, TP: 102.75/ 103/ 103.50