FxWirePro: USD/JPY comatose around 200-DMA, break above to see test of 112

USD/JPY chart - Trading View 

• USD/JPY is trading in an extremely tight range in the Asian session today.
   
• The pair finds stiff resistance at 200-DMA, break above will see further upside.
   
• Yen largely muted despite positive sentiment and another poor Japanese data released earlier today.
   
• Japan's service sector activity eased in March, with the Nikkei PMI printing 52.0 from 52.3 in February. 
   
• US Treasury yields advanced to fresh 2-week highs,  with the yield on the benchmark 10-year note reaching 2.52% intraday.
   
• Technical bias remains bullish. Break above 200-DMA to propel the pair higher.
   
• Next major resistance lies at 76.4% Fib at 112.21 ahead of trendline resistance at 112.45.
   
• Developments surrounding the US-China trade negotiations will impact price. Focus now on U.S. NFP data for direction.

Support levels - 111.27 (5-DMA), 110.99 (110-EMA), 110.87 (55-EMA)

Resistance levels - 111.47 (200-DMA), 112, 112.21 (76.4% Fib)

Recommendation: Stay long on break above 200-DMA, SL: 110.95, TP: 112/ 112.20

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