FxWirePro: USD/JPY off 5-month highs at 110.78, bias higher, good to buy on dips

• USD/JPY hit fresh 5-month highs at 110.78 after Yellen-led extensive rally.
   
• The pair has edged slightly lower, but momentum studies are highly bullish.
   
• Break of weekly 200-DMA at 108.45 has confirmed further upside.
   
• Next target for bulls - 113.35, bullish invalidation only below 20-DMA at 105.86. 
   
• FxWirePro's Hourly USD Spot Index was at 162.532 (Highly bullish), while Hourly JPY Spot Index was at -93.9156 (Bearish) at 0645 GMT. 
   

Recommendation: Good to go lon on dips around 110.60/70, SL: 109.35, TP: 111/ 111.75/ 112/ 113.80
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For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex