FxWirePro: USD/JPY Daily Outlook

USD/JPY chart - Trading View 

• USD/JPY holds above 111 handle, break below 110-EMA to see further weakness.
   
• The pair is trading extremely rangebound with session high at 111.23 and lows at 111.06.
   
• Major support seen at 111 levels, decisive break below required for further downside.
   
• Markets wary ahead of key risk events - looming trade worries, Brexit anxiety, US CPI and FOMC minutes. 
   
• US Treasury yields edged modestly lower with the yield for the benchmark 10-year note down to 2.49%. 
   
• On the data front, US Feb Machinery Orders, expected to post a yearly decline of 5.2%, Domestic Corporate Goods Price Index, seen up in March by 1.1% YoY.
   
• Focus also on March preliminary  Machine Tool Orders, which posted a whopping 29.3% decline in the previous month.  
   
• BOJ's Governor Kuroda is set to speak later in the session, although he is not expected to make relevant announcements.

Support levels - 111.02 (110-EMA), 110.85 (50-DMA), 110.77 (61.8% Fib)

Resistance levels - 111.42 (5-DMA), 111.82 (Apr 5 high), 112, 112.21 (76.4% Fib)

Currency Forecasts: Break below 110-EMA to see further weakness. Dip till 110.77 likely.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.