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Long

Bid tone in USD/JPY improves, good to buy dips

FX:USDJPY   U.S. Dollar/Japanese Yen
214 0 2
Positive China trade data along with Obama's speech boosted optimism in the markets, bolstering with it risk-on sentiment and supporting USD.

Bid tone around the USD/JPY             improves taking USD/JPY             to session highs at 118.35, pair has since eased a little to currently trade at 118.20.

USD/JPY             has held strong trendline support at 116.70 on Jan 11th, and has today broken above 5-DMA which was capping upside.

Stochs and RSI on dailies has rolled-over into positive territory and MACD also supports further gains.

Immediate resistance is located at 118.60 (10-DMA), while supports on the downside are seen at 117.67 (5-DMA) and then 117.33 (Jan 7th lows).

We would go long on dips around 118 levels, SL: 116.70, TP1: 119.40, TP2: 120, TP3: 120.60
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