USDJPY – buying dips for eventual break higher remains favored
The pair spiked to fresh nearly eight-month high at 114.73 in early Monday’s trading, but probes above previous peaks at 114.36/49 (10 May / 11 July) were so far short-lived, adding to strong indecision signals from last Thu/Fri long-legged Dojis.
Overall structure remains bullish and favors final break higher and test of next targets at 115.00 (round-figure) and 115.50 (10 Mar high).
Buying dips remains favored near-term scenario while the price stays above rising daily Tenkan-sen (113.84) while sustained break here would sideline bulls for deeper correction.
Rising Kijun-sen (113.19) and 31 Oct trough (112.95) mark next triggers, loss oof which would intensify downside pressure.
Res: 114.33; 114.49; 114.73; 115.00
Sup: 114.00; 113.84; 113.53; 113.19