FxWirePro: USD/JPY closes above 50-DMA at 112.82, bias higher, stay long

• USD/JPY is trading at 113.31, up 0.21% on the day, having posted a daily high at 113.38 and low at 113.07.
   
• Legislation to extend funding for the U.S. government through Dec. 22 has cleared a procedural hurdle in the House of Representatives on Thursday.
   
• Diminishing risks of the possibility of a government shutdown are boosting the US Dollar higher.
   
• Technical studies are biased higher, RSI points north and is gaining traction above 50 levels.
   
• Stochs are sharply higher and MACD is showing a bullish crossover on signal line.
   
• Focus on the nonfarm payrolls due later today in the NY session. A bullish outcome could support optimism around the economy, and we could see upside accentuate. 

Support levels - 112.98 (23.6% Fib of 107.318 to 114.737 rally), 112.83 (50-DMA), 112.73 (5-DMA)

Resistance levels - 113.80 (trendline), 113.91 (Nov 14 high), 114

Call update: Our previous call (https://www.econotimes.com/FxWirePro-USD-JPY-struggles-to-hold-break-above-50-DMA-stay-long-on-close-above-1041522) has hit TP1/2.

Recommendation: Book partial profits at highs. Trail stop loss close to 50-DMA at 112.80, stay long for further upside.

FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at 50.9578 (Neutral), while Hourly JPY Spot Index was at -38.7313 (Neutral) at 0300 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex. 

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