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FxWirePro: USD/JPY breaks above 55-EMA at 103.25, good to go long on dips

  • The crucial Non-Farm Payrolls on Friday would help investors determine the Federal Reserve's next monetary policy move. 
     
  • NFP is the main driver for the greenback in the near-term ahead of the FOMC meeting in Sept.
     
  • USD/JPY breaks above 55-EMA at 103.25, intraday bias higher.
     
  • Major support levels - 103.25 (55-EMA), 103, 102.63 (50-DMA), 102.58 (38.2% Fib). 
     
  • Major resistance levels - 104, 104.40 (trendline), 104.45 (61.8% Fib).
     
  • Break below 50-DMA (102.67) could see test of 101.75. Bearish resumption on break below 20-DMA at 101.24. 

Recommendation: Good to go long on dips, SL: 103, TP: 104/ 104.20. 

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