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Long

USD/JPY breaks hourly 100-SMA, good to long dips

FX:USDJPY   U.S. Dollar/Japanese Yen
353 0 13
USD/JPY             turned higher from the low of 100.08 levels to near 5-DMA level of 100.58 levels.

The pair has taken major trendline support at 100.08, weakness only on break below.

Technical studies are slightly positive, pair could test 101.25 (Sept 23 high). A decisive break above hourly 100-SMA at 100.81 could see upside gain traction.

Violation at 101.25 levels will then see scope for test of 102 (20-DMA) and then 102.50 ( trendline ).

Weekly charts have a bearish bias. Break below major trendline support at 100.10 could see downside upto 98.78.

Major support levels - 100.08 (session low & trendline ), 100, 99.54 (Aug 16 low), 98.78 (June 24 low)

Major resistance levels - 100.93 (Aug 22 high), 101, 101.35 (10-DMA), 102, 102.03 (20-DMA), 102.50 ( trendline )

Good to go long on dips, SL: 100, TP: 101/ 101.25/ 101.35/ 102
Comment: USD/JPY hits new weekly high of 101.56.

Bias higher. Next hurdle 20-DMA at 101.79.

Break above finds major trendline resistance at 102.15.

Weakness only below 100.25 (trendline).

Book partial profits. Hold for upside.
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