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USD/JPY extends bullish gap open, stay long : FxWirePro | May 21, 2018

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USD/JPY 0.51% is extending upside after bullish gap open, trades 0.34% higher on the day at 111.11 at the time of writing.

The pair remains supported as markets turn risk-on amid easing US-China trade tensions.

China and US agreed to halt imposing punitive import tariffs and the two counterparts to set up a framework to address the trade imbalances.

The major has ignored a gravestone Doji formed on Friday's candle, is extending gains above 61..8% Fib.

Technical indicators are biased higher. The pair has broken major trendline resistance at 110.50 and we see scope for further upside.

Next major bull target lies at 111.48 (Jan 18 high) ahead of 112 handle.

200-DMA 0.00% is strong support on the downside, we see major weakness only on break below.

Focus now will be on FOMC minutes scheduled to be released during the week ahead.

Support levels - 111, 110.87 (61.8% Fib), 110.66 (5-DMA)

Resistance levels - 111.48 (Jan 18 high), 112, 112.57 (78.6% Fib), 113 (200W SMA )

Our previous call (link below) has hit TP1.

Book partial profits at highs. Trail SL to 110.85, hold for further upside.

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