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Long

USD/JPY breaks major resistance, good to go long on dips

FX:USDJPY   U.S. Dollar / Japanese Yen
324 0 9
USD/JPY             upside breaks major resistances - 50-DMA at 106.14, channel top resistance at 106.35.

The pair hit new multi-week highs at 107.49, upside has taken a breather, currently trading around 107.17 levels.

Technicals support further upside, bearish invalidation only below 5-DMA at 106.20, pair could then test next support at 104.89 (10-DMA).

Recent strong US data has resulted in the rise in the Fed rate hike expectations in 2016, supporting upside in the pair.

Good to go long on dips around 107, SL: 106.20, TP: 107.50/ 108/ 108.30
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