FxWirePro: USD/JPY re-takes 117, breaks 1H 200-SMA at 117.24, good to long dips

• USD/JPY has bounced off 20-DMA at 116.50, has re-taken 117 handle.
   
• The pair has broken 1H 200-SMA at 117.24, intraday bias higher.
   
• We see scope for further upside, test of 117.80 level likely.
   
• On the flipside break below 20-DMA could see test of 114 levels.
   
• Support levels - 117.24 (1H 200-SMA), 117 (5-DMA), 116.50 (20-DMA)
   
• Resistance levels - 117.43 (session high), 117.81 (Dec 28 high), 118, 118.20 (trendline)
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Recommendation: Good to go long on dips around 117.25, SL: 116.80, TP: 117.45/ 117.80/ 118

FxWirePro Currency Strenght Index: FxWirePro's Hourly USD Spot Index was at -32.1778 (Neutral), while Hourly JPY Spot Index was at -143.773 (Highly bearish) at 0830 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.