USD/JPY has broken major resistances: channel top at 112.75, cloud top at 112.80 and 100-DMA at 113.10.
Markets almost priced-in a June rate hike on the release of a solid US jobs report released last Friday.
Momentum studies are highly bullish, scope for test of 114 levels.
On weekly charts the pair is showing a break above 100-SMA at 113.23.
Pair is holding above 5-DMA at 112.95 which is strong support.
We see minor reversal on close below 5-DMA and further reversal only on break below daily cloud.
Support levels - 113.10 (100-DMA), 112.95 (5-DMA), 112.80 (cloud top)
Resistance levels - 114, 114.63 (61.8% Fib), 114.75 (Mar 3 high)
Good to go long on dips around 113.60, SL: 112.95, TP: 114/ 114.60
Markets almost priced-in a June rate hike on the release of a solid US jobs report released last Friday.
Momentum studies are highly bullish, scope for test of 114 levels.
On weekly charts the pair is showing a break above 100-SMA at 113.23.
Pair is holding above 5-DMA at 112.95 which is strong support.
We see minor reversal on close below 5-DMA and further reversal only on break below daily cloud.
Support levels - 113.10 (100-DMA), 112.95 (5-DMA), 112.80 (cloud top)
Resistance levels - 114, 114.63 (61.8% Fib), 114.75 (Mar 3 high)
Good to go long on dips around 113.60, SL: 112.95, TP: 114/ 114.60
