USD/JPY finds strong resistance at 109.90, long breaks above

FX:USDJPY   U.S. Dollar / Japanese Yen
396 0 14
Doji formed on USD/JPY             daily charts till now. Pair finds strong trendline resistance at 109.90.

Further upside can be seen on breaks above. Test of 110.65 then likely.

Ex-BOJ deputy governor Iwata was on the wires earlier today, said BOJ should expand easing by negative rate.

A positive close on Wall Street overnight lifted sentiment around the Asian equities.

Improving risk appetite on rallying Asian stocks is likely to see lesser demand for the safe-haven yen.

Technicals are also supportive for further upside. Stochs are biased higher and MACD is showing a bullish crossover on signal line.

On the longer term, we do not see much upside in the pair. Price action remains below the cloud and 110&55 EMAs.

Immediate support and resistance are located at 109.27 (5-DMA) and 109.90 ( trendline and Apr             7th high).

Go long on breaks above 109.90, SL: 109.30, TP: 110.60/80/111
Trade active: Resistance broken, stay long for 111
Trade closed: target reached
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