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Long

USD/JPY intraday bias higher, good to go long on dips

FX:USDJPY   U.S. Dollar/Japanese Yen
333 0 9
USD/JPY             hits fresh highs for the week, trades 0.75% higher on the day at 101.42.

Asian indices were trading on a higher note on Thursday after Yellen’s testifies. Yellen’s kept alive possibility of rate hike in November.

Also Japan’s MOF says stands ready to intervene if USD/JPY             breaches 100.00.

Technical indicators have turned positive, we see scope for test of 20-DMA at 101.79.

RSI is biased north, while stochs are showing a rollover from oversold levels.

Break above 101.79 finds next hurdle at major trendline at 102.15. Upside could accentuate on break above.

Major support levels - 101.08 (10-DMA), 101, 100.78 (5-DMA), 100.65 (session low)

Major resistance levels - 101.79 (20-DMA), 102, 102.15 (trendline)

Good to buy dips around 101.35/40, SL: 101, TP: 101.75/ 102/ 102.15
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