FxWirePro: USD/JPY breaks 100-DMA at 113.10, good to go long on dips

• USD/JPY has broken major resistances: channel top at 112.75, cloud top at 112.80 and 100-DMA at 113.10.
   
• Momentum studies are highly bullish, scope for test of 114 levels.
   
• On weekly charts the pair is showing a break above 100-SMA at 113.23.
   
• Pair is holding above 5-DMA at 112.95 which is strong support.
   
• We see minor reversal on close below 5-DMA and further reversal only on break below daily cloud.

Support levels - 113.10 (100-DMA), 112.95 (5-DMA), 112.80 (cloud top)

Resistance levels - 114, 114.63 (61.8% Fib), 114.75 (Mar 3 high)

TIME  TREND INDEX  OB/OS INDEX   

1H          Bullish                Overbought       

4H          Bullish                Overbought       

1D          Bullish                Near overbought       

1W         Bullish                Neutral     

Recommendation: Good to go long on dips around 113.60, SL: 112.95, TP: 114/ 114.60

FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at 57.984 (Neutral), while Hourly JPY Spot Index was at -48.0711 (Neutral) at 0915 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.