- USD/JPY has broken above 200-DMA to take out 108 levels on Monday's trade.
- The major has paused upside after hitting highs of 108.54, highest since June 3rd 2016.
- 108.43 which is weekly 200-MA is stiff resistance for the pair, breakout above could see resumption of upside.
- We see some consolidation around weekly 200-MA at 108.43.
- Our previous call (http://www.econotimes.com/FxWirePro-USD-JPY-breaks-above-200-DMA-bias-bullish-stay-long-398666) has achieved all targets.
- Major support is seen at 106.46 (200-DMA), while 108.43 (weekly 200-MA) is major resistance.
Recommendation: Good to go long on breakout above 108.43, target 109/ 109.25 levels.
FxWirePro's Hourly USD Spot Index was at 77.8059 (Slightly Bullish), while Hourly JPY Spot Index was at -112.76 (Highly Bearish) at 0708 GMT.
For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
