USD/JPY hits fresh 8-month high of 112.97, bias higher, buy dips
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
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
Bias higher, raise trailing stops to 113, stay long.