FxWirePro: USD/JPY bounces off 21-EMA support, weakness only on break below

USD/JPY chart - Trading View 

USD/JPY has erased early gains and was trading largely unchanged on the day at 110.18 at around 13:00 GMT.

The pair has bounced off 21-EMA support, weakness only on break below. The pair is holding above 110 mark.

Data published by the Federal Reserve Bank of Chicago showed earlier on Monday that the National Activity Index (CFNAI) improved to 0.29 in May from -0.09 (revised from 0.24) in April.

Technical bias for the pair is biased higher, major and minor trend for the pair is bullish. Retrace above 5-DMA will see upside resumption.

Momentum is bullish. RSI is above 50. Price action is above Ichimoku cloud and Chikou span is biased higher.

Next major bull target lies at 110.70. Break above trendline will see test of 76.4% Fib at 111.40. Retrace below cloud will negate any bullish bias.