USD/JPY hits fresh 8-month high of 112.97, bias higher, buy dips

FX:USDJPY   U.S. Dollar / Japanese Yen
507 1 13
Hawkish FOMC minutes bolster Dec rate hike bets, while the US durable goods data staged a solid rebound.

Increased expectations of a tighter Fed rate hike path in the upcoming months boosted the USD.

US bulls regained poised, DXY             hit fresh 13-year highs at 101.97 levels.

USD/JPY             has broken major resistance zone around 111.35-80. Bias remains higher.

Technical indicators bullishly aligned, we see scope for test of 113.80 and then 114.45 levels.

Major support levels - 112, 111.60 (5-DMA), 111, 110.85 (Nov 23 low)

Major resistance levels - 112.97 (Nov 23 high), 113, 113.80 (March 29 high)

Good to go long on dips around 112.30/50, SL: 111.50, TP: 113/ 113.80/ 114/ 114.30
Comment: TP1&2 hit. Book partial profits.

Bias higher, raise trailing stops to 113, stay long.
114 + ?
Amazing work !
Thank you for sharing your analysis of the situation !
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