FxWirePro: USD/JPY edges lower from 3-week highs at 110.49, holds above 200-DMA, bias higher

• USD/JPY edges lower from 3-week highs at 110.49, holds above 200-DMA amid US-North Korea Summit.
   
• Trump-Kim summit beginning early on Tuesday, will be followed by US Consumer Price Index figures at 12:30 GMT.
   
• FOMC (Wed) is highly likely to raise rates. The post-meeting statement’s and forward guidance language will be in focus.
   
• The pair is trading with a bullish bias. Technical indicators support upside in the pair.
   
• Breaks above 200-DMA has raised scope for further upside. Next major bull target lies at 110.87 (61.8% Fib).
   
• On the downside, rejection at 200-DMA could see weakness till 21-EMA. Break below 21-EMA negates bullish bias.

Support levels - 110.17 (200-DMA), 109.96 (5-DMA), 109.68 (50% Fib)

Resistance levels - 110.87 (61.8% Fib), 111 (trendline), 111.39 (May 21 high)

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