USD/JPY 110.50-60 stiff resistance zone, long breaks above

FX:USDJPY   U.S. Dollar / Japanese Yen
381 0 14
FOMC minutes were the main catalyst overnight, revealed that the US interest rate hike is back on the cards this June.

USD/JPY             spiked all the way to hit session highs at 110.26 as the dollar edged higher across the board post FOMC.

The pair finds stiff resistance at the 110.50-60 zone, which is a combination of 55-EMA (110.51), major trendline (110.50) and cloud base (110.57).

Upside pressure on the yen remains on the back of upbeat Japanese Q1 GDP which took immediate pressure off the BOJ to add stimulus.

We could see some consolidation around current levels.

Technical indicators on weekly charts support upside in the pair. Break above 110.60 will see gains upto 111.80.

Go long on break above 110.60, SL: 110, TP: 111/111.80
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