Long USD/JPY for 106.80

FX:USDJPY   U.S. Dollar / Japanese Yen
218 0 8
USD/JPY             has broken strong trendline resistance at 105.50, upside could see test of 50-DMA             at 106.30 levels.

Intraday bias is bullish , Technicals support further upside in the pair, we see scope for test of 100-DMA             at 108 levels on break above 50-DMA             .

Yen remains on the back foot in Asia despite recent Nice terror attack and falling prospects of helicopter money, while dollar supported on good data (including producer price index and jobless claims).

Focus now on China GDP data, while the US CPI             and retail sales will be a potential catalyst in the US session. .

Immediate support and resistance are seen at 104.62 (5-DMA) and 106.30 ( 50-DMA             ) respectively.

Good to go long on dips, SL: 105, TP: 106.30/106.80
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