- USD/JPY edges lower from session highs at 106.01, intraday bias higher.
- The pair was capped by 50-DMA on Friday, which is currently at 106.22 and stiff resistance.
- The pair is currently holding above major trendline support at 105.30, break above 50-DMA could target 106.81 (June 24th high).
- On the flipside, 5-DMA at 104.98 is strong support, break below could see weakness upto 103.97.
- Momentum studies are bullish, however stochs are at oversold so some caution advised.
Recommendation: Good to long on break above 106.22, SL: 105.30, TP: 106.80
