FxWirePro: USD/JPY capped at 112 handle, Kuroda's dovish comments fail to impress bulls

USD/JPY chart - Trading View 

• USD/JPY trades in a narrow range in the Asian session. The major was trading at 111.93 at 0410 GMT, down 0.09%. 
   
• Bank of Japan (BOJ) governor Kuroda expressed willingness to ease more if the momentum toward the 2 percent inflation target is lost.
   
• Kuroda's dovish comments fail to impress bulls, the pair continues to languish below 112 mark.
   
• Technical studies are biased higher. Price action consolidates break above 200-DMA. Stochs and RSI show bullish momentum.
   
• Upside struggles at 112 handle, break above will see further upside. Scope for gains upto 88.6% Fib at 113.42.
   
• Immediate major support is seen at 200-DMA. Break below will see next major support at daily cloud. Further weakness only on break below.  

Support levels - 111.72 (5-DMA), 111.52 (200-DMA), 111.36 (21-EMA)

Resistance levels - 111.95 (200-W SMA), 112.21 (76.4% Fib), 113, 113.42 (88.6% Fib) 

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