Buy USD/JPY breakout above 113.80, target 114.25/55

FX:USDJPY   U.S. Dollar / Japanese Yen
172 0 8
Markets likely calmed by higher than expected Chinese CPI             figures, risk-on back.

USD/JPY             rallied to hit session highs at 113.80, but upside likely struggling at strong trendline resistance (113.80).

The pair has edged slightly lower and is currently holding at 113.77 levels, breaks above 113.80 could see 114.25 and then 114.55 levels.

Supports on the downside are located at 114.46 (10-DMA) and further below at 113.37 (5-DMA).

Next immediate resistance is seen at 113.80 (session highs and trendline ), and then at 113.92 (Mar 7th highs).

Buy breakout above 113.80, SL 113.30, TP: 114.25/55
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