FxWirePro: USD/JPY closes well above 100-DMA, bias higher, stay long for 112.75

• USD/JPY close well above 100-DMA and daily cloud in Tuesday's trade, bias still higher.
   
• The Japanese Yen under pressure as the benchmark 10-year treasury yield rose 6 basis points to 2.20%.
   
• However, Fed chair Yellen was less hawkish than expected and could keep USD subdued.
   
• The pair was capped at 112.46 overnight highs, and is currently trading at 112.08, down -0.22% on the day.
   
• Price action has broken range trade between major 100 and 200 day MAs.
   
• Technical indicators are bullish and we see upside intact as long as pair holds above 100-DMA support.
   

Support levels - 112, 111.79 (converged 5& 100-DMA), 111, 110.84 (200-DMA)

Resistance levels - 112.75 (trendline), 113, 113.40 (50% Fib of 118.662 to 108.130 fall)

Call update: Our previous call (http://www.econotimes.com/FxWirePro-USD-JPY-hits-monthly-high-at-11207-bias-higher-as-long-as-pair-holds-100-DMA-support-775974) has hit TP1&2.

Recommendation: Book partial profits at highs, raise trailing stop to 111.75, hold for upside.

FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at -26.7827 (Neutral), while Hourly JPY Spot Index was at -106.613 (Bearish) at 0410 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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