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USDJPY : Will the Pair Be Able to Reach 103

USDJPY : Daily Chart

USDJPY today surging after the Upbeat US GDP report breaking above the resistance at 102.19. The next nearest resistance the pair will test is at 102.73. However the 100 day SMA just crossed below the 200 day SMA so the pair might not be able to hold the gains for long. Most probably the pair might come down from the resistance at 102.73 and not cross above it. However we can see that the 50 day SMA is contracting towards the 100 day SMA and will definitely try to cross above it. If it does so the pair will break this resistance and rise to the next resistance level at 103.01. 

A separate report from Japan showed that the Industrial Production declined by 3.3% in June worse than the forecast of 1% decline. On the counterpart series of upbeat US data continue to support the dollar and thus we might think of switching USDJPY strategy to buying on dip.