FxWirePro: USD/JPY extends break above 21-EMA, intraday bias bullish

USD/JPY chart on Trading View used for analysis

• USD/JPY extends break above 21-EMA, intraday bias bullish.
   
• The pair is trading 0.08% higher on the day at 109.66 at 0300 GMT.
   
• Data released earlier today showed the Japanese January Markit Services PMI printed at 51.6, from 51 in the previous month.
   
• Technical indicators have turned bullish on the daily charts. Stochs and RSI have turned north. MACD also supports gains in the pair.
   
• Next major resistance on the upside lies at 55-EMA at 110.4722. Break above tragets 200-DMA at 111.25.
   
• Major trend is bearish. Retrace below 21-EMA will negate bullish bias.

Support levels - 109.55 (21-EMA), 109.45 (5-DMA), 108.43 (38.2% Fib)

Resistance levels - 110.47 (55-EMA), 110.77 (61.8% Fib), 111.25 (200-DMA)

Recommendation: Good to go long on dips, SL: 109.45, TP: 110.45/ 110.75/ 111

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