FxWirePro: USD/JPY struggles at 5-DMA, retraces from session highs at 109.62, bias bearish

USD/JPY chart - Trading View 

USD/JPY capped at 5-DMA, retreats from session highs at 109.62 to currently trade at 109.47 at 03:50 GMT.

Data released earlier today showed Japan March Leading Economic Index fell to 95.9, its lowest in almost three years. 

Japan Coincident Index for the same period came in at 99.4 compared to 97.1 in the previous month. 

BOJ's Governor Kuroda comments on the economic outlook highlighted the large downside risks due to the uncertainty about the global economic outlook. 

Technical indicators are biased bearish and upside was rejected at 21-EMA and cloud resistance.

Stochs are biased lower and Stochastics RSI is showing a rollover from overbought.

The major is on track to test trendline support at 108.80. Violation there could see further downside.

5-DMA is immediate resistance at 109.64. Bearish invalidation above daily cloud.

Support levels - 109, 108.80 (trendline), 108.50 (Jan 31st low), 107.61 (61.8% Fib)

Resistance levels - 109.64 (5-DMA), 110.14 (21-EMA), 110.90 (cloud top) 

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