Description
⋅ 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