FxWirePro: USD/JPY hits fresh 8-month high at 112.97, bias higher, good to buy on dips

• Increased expectations of a tighter Fed rate hike path in the upcoming months boosted the USD.
   
• US bulls regained poised, DXY hit fresh 13-year highs at 101.97 levels.
   
• USD/JPY has broken major resistance zone around 111.35-80. Bias remains higher.
   
• Technical indicators bullishly aligned, we see scope for test of 113.80 and then 114.45 levels.
   
• Major support levels - 112, 111.60 (5-DMA), 111, 110.85 (Nov 23 low)
   
• Major resistance levels - 112.97 (Nov 23 high), 113, 113.80 (March 29 high)
   
• Our previous call (http://www.econotimes.com/FxWirePro-USD-JPY-off-5-month-highs-at-11078-bias-higher-good-to-buy-on-dips-409909) has achieved all targets.
   

Recommendation: Book partial profits, raise trailing stops to 111.50, target 113.80/ 114
 

Fresh shorts can also be entered on dips around 112.30/50, SL: 111.80, TP: 113/ 113.80/ 114
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FxWirePro's Hourly USD Spot Index was at 65.427 (Neutral), while Hourly JPY Spot Index was at -103.972 (Highly bearish) at 0435 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex