FxWirePro: USD/JPY edges higher for the 3rd straight session, eyes 1H 200 SMA at 109.48

USD/JPY chart on Trading View used for analysis

• USD/JPY edges higher for the 3rd straight session, trades at 108.95 at 0420 GMT.
   
• Intraday bias is higher. Technical studies on the daily charts are turning slightly bullish.
   
• Stochs and RSI have rolled over from oversold levels and are biased higher.
   
• The pair has broken above 5-DMA which is now immediate support at 108.53.
   
• Next immediate resistance lies at 1H 200 SMA at 109.48. Violation there could see further upside.
   
• On the flipside, break below 5-DMA will see resumption of weakness. 

Support levels - 108.53 (5-DMA), 108.41 (61.8% Fib), 108

Resistance levels - 109.48 (1H 200 SMA), 109.59 (50% Fib), 110

Recommendation: Good to go long on upticks at 108.85/90, SL: 108.50, TP: 109.45/ 109.60/ 110

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