- Offered tone around the JPY strengthened on account of the drop in the Brexit bets. The latest Brexit polls once again showed an overall lead for ‘Remain’ group.
- USD/JPY edges higher from lows of 103.58 to hit session highs of 104.28.
- Price action is moving away from lower Bollinger Band on the daily charts.
- Pair finds strong resistance by 5-DMA at 104.50, break above could see further upside.
- Brexit related news flow along with Yellen's testimony which starts later today will be focus for clues on direction.
- Techs on hourly charts support upside in the pair. Minor trendline resistance is seen at 104.27, break above will see test of 104.50 (5-DMA).
Recommendation: Good to buy dips around 104.20/25, SL: 104, TP: 104.50/ 104.65
