FxWirePro: USD/JPY consolidates break below 200-DMA, intraday bias bearish

• USD/JPY is consolidating break below 200-DMA, bias remains bearish.
   
• Recovery attempts as the pair tracked price-action in the US Treasury yields were thwarted at highs.
   
• Technical studies have turned bearish on break below 200-DMA. RSI is below 50 and biased lower.
   
• On weekly charts, the pair has broken below weekly 200-SMA and Techs point lower.
   
• Price action has also broken below daily cloud and is now below all major moving averages.
   
• We see scope for test of 50% Fib of 98.787 to 118.662 rally at 108.72, with bearish invalidation only on close above 200-DMA.
   
• US calendar today is absolutely data-empty, focus remains on former FBI Director James Comey’s testimony to the Senate stateside.

Support levels - 109, 108.72 (50% Fib), 108.13 (Apr 17 low)

Resistance levels - 110.26 (200-DMA), 110.36 (cloud base), 111 (38.2% Fib)

Call update: Our previous call (http://www.econotimes.com/FxWirePro-USD-JPY-breaks-below-200-DMA-hits-fresh-6-week-low-of-10973-bias-lower-741860) is approaching TP1.

Recommendation: Hold for downside.

FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at -71.1377 (Neutral), while Hourly JPY Spot Index was at 143.601 (Bullish) at 0840 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.