FxWirePro: USD/JPY trade idea

• USD/JPY shown a gap up today morning after first round of French election result. The pair jumped till 110.51 and is currently trading around 110.12.
   
• The pair upside is capped by daily Kijun-Sen (110.81) and any break above will take the USD/JPY till 111.48 (100 –day EMA)/112.


• Short term bullish invalidation only below 108 and any break below will drag the pair down till 106.35 (61.8% retracement of 98.78 and 118.66)/105.
• The momentum indicators like MACD and RSI is showing buy signal in the daily chart.
  
  It is good to buy on dips around 109.95-110 with SL around 109 for the TP of 112.

Resistance
                   

R1-110.81
                                                            

R2 -111.48.
 

R3- 112
 

Support   
 

S1-108.72
 

S2-108
 

S3-106.99