- Yen fell sharply on Monday after Japanese PM Abe signaled fresh stimulus is coming soon, USD/JPY hit session high of 103.29 levels.
- Our previous call (http://www.econotimes.com/FxWirePro-USD-JPY-above-102-handle-good-to-buy-on-dips-234099) has achieved TP1&2.
- At the time of writing USD/JPY has edged lower from session highs and hovers around the 103 handle.
- The pair finds stiff resistance at 103.70, breakout above could see gains upto 105 levels.
- 10-DMA at 102.11 is strong support on the downside, break below could see weakness upto 100.60 levels.
- Technical indicators support some upside in the pair, momentum studies are neutral.
Recommendation: Book partial profits, raise trailing stop to 102.10, hold for targets.
