•USD/JPY broke the highest level since July 17 as USD benefiting from positive macro news and Fed’s outlook for interest rates.
•The pair also broke the descending trend line from the Jan.1 top [118.60] and currently trading around 112.87.
•Overall stance for the pair is bullish as it keeps holding above the 200 DMA.
•Support: 112.70, 112.40 & 112.00 [200 DMA]
•Resistance levels - 112.95 [78.6% Fib retrace of 114.49 to 107.31], 113.50 & 114
•Recommendation: Buy on dips around 112.50 with SL below: 112.20 and TP: 112.90-113.