- USD/JPY edges lower from session highs at 102.38, bias higher.
- Momentum turns bullish after breakout above 20-DMA and major trendline resistance at 101.85.
- Technical indicators on daily charts support upside. Stochs are biased higher, RSI strength at 54 with scope for further upside.
- Pair now finds next major resistance at 102.78 (Sept 21 high).
- Deutsche Bank news along with nonfarm payrolls due Friday will be major risk events for the pair.
- Major support levels - 101.55 (20-DMA), 101.33 (5-DMA), 101, 100.75 (Sept 30 low)
- Major resistance levels - 102.78 (Sept 21 high), 103, 103.19 (weekly 20-MA)
Recommendation: Good to go long on dips around 101.85/102, SL: 101.30, TP: 102.75/ 103/ 103.10
