2016.07.2421:43:00UTC+00Fxwirepro: Usd/jpy Breaks Major Resistance at 106.40, Good to Go Long on Dips

• Speculation that the BoJ will be adding further stimulus very soon is keeping the yen subdued.
   
• USD/JPY has broken major trendline support at 106.40, has hit session highs at 106.72 before pating some gains to currently trade at 106.63.
   
• Intraday bias higher, focus remains on BoJ and FOMC policy meets, additional stimulus from BoJ likely while FOMC is expected to hold.
   
• Techs support further upside in the pair, weakness only below 105.42.
   
• Supports on the downside are seen at 105.98 (50-DMA), 105.68 (10-DMA) and then 105.42 (July 21 low).
   
• Resistance on the upside is seen at 107, 107.90 (June 7 high) and then 108.15 (100-DMA).
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Recommendation: Good to buy on dips around 106.50, SL: 106, TP: 107/ 107.25/ 107.90