FxWirePro: USD/JPY breaks major support at 113.45 support, good to sell rallies

USD/JPY has been trading a rising wedge pattern and has broken strong support at 113.45 (wedge base).

• The pair has hit lows of 112.74 and has edged slightly higher to currently trade around 113 levels.
   
• Poor  Chinese trade data underpinned the yen, pair to next support at 112.60 and further weakness could see 112.15 levels.
   
• The major embarked upon the recovery mode amid a minor rebound seen in the Asian equities, but Chinese trade numbers will continue to weigh.
   
• On the topside we see immediate resistance at 113.31 (10-DMA) and then at 113.35 (21-DMA).
   

Recommendation: Sell rallies around 113 levels, SL: 113.50, TP: 112.60/112.15