FxWirePro: USD/JPY consolidates breakout above symmetric triangle, bias higher

• The Japanese Yen is being offered after the Bank of Japan (BoJ) boosted the JGBs purchases in order to keep the 10-year yield around zero percent.
   
• USD/JPY rose to a session high of 113.83 and has currently pared some gains to trade at 113.67.
   
• Technical studies are still bullish on daily charts, RSI is biased higher and remains strong at 69 levels. However, Stochs are at overbought levels, so caution advised.
   
• Upside is now in consolidation phase after break of Symmetric Triangle pattern. We see scope for test of 61.8% Fib at 114.63.
   
• The pair finds strong support at 111.77 (100-DMA), and only break below could see reversal of trend.
   

Support levels - 113.35 (5-DMA), 112.50 (trendline), 112.15 (38.2% Fib retrace of 118.662 to 108.130 fall), 111.77 (100-DMA)

Resistance levels - 114/ 114.63 (61.8% Fib), 115

Call update: Our previous call (http://www.econotimes.com/FxWirePro-USD-JPY-holds-100-DMA-support-good-to-go-long-on-breakout-above-11275-785716) has hit all targets.

Recommendation: Book partial profits at highs. Raise trailing stops to 113, hold for 114/ 114.63.

FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at -9.71773 (Neutral), while Hourly JPY Spot Index was at -96.7031 (Bearish) at 0515 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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