A formation on Friday's candle after downtrend from 121.68 highs on Jan 29th suggests a reversal in place.
Technicals also point higher, Stochs show a crossover at oversold levels and on dailies is also biased higher.
Bulls continue to cheer Friday’s auspicious labour market report from the US, while markets seem to ignore the latest BoJ initiative and also the slight weakness seen on the Asian equities.
We see scope for test of 118.95 (38.2% Fib of 123.76 to 115.97 fall), with strong support at 116 levels (falling ) and resistance at 117.43 (Feb 5th highs).
We would go long on dips around 117 levels, SL: 116, TP: 117.80/118/118..95