- USD/JPY has recovered from session lows at 103.74, is attempting to retake the 104 handle.
- The pair finds major support by daily cloud at 103.51, we see weakness only on break below.
- The major is consolidating break above 100-DMA, but upside struggles to gain momentum.
- Breakout of range trade will see upside gain traction, next major hurdle on the upside aligns at 105.60 (trendline).
- Major support levels - 103.90 (1H 20-SMA), 103.51 (cloud top), 103.16 (100-DMA), 103, 102.85 (Oct 7 low)
- Major resistance levels - 104.15 (falling trendline on hourlies),104.47 (Oct 14high), 104.60 (Trendline)
Recommendation: Good to go long on dips around 103.95, SL: 103.50, TP: 104.45/104.60
