FxWirePro: USD/JPY holds above 200-DMA, dismal Japanese industrial production data supports

USD/JPY chart - Trading View 

• USD/JPY extended weakness on Thursday's trade despite upbeat US durable goods orders data.
   
• The greenback failed to capitalize on its early move higher, slipped lower as cautious mood around equity markets underpinned the Japanese Yen's relative safe-haven status.
   
• Data released earlier today showed  Japanese industrial production data came in below-forecast.
   
• Japan's factory output in March fell 0.9 percent month-on-month, the biggest drop since 2015, missing forecasts for drop by 0.1 percent. 
   
• The major is trading rangebound above 200-DMA, Doji formation seen on the daily candle. 
   
• Technical bias remains to the downside. RSI has turned and break below 200-DMA will see dip till 23.6% Fib at 110.57. 
   
• A decisive break above 112 handle required for any upside. Next major resistance above 112 lies at 78.6% Fib at 112.43.

Support levels - 111.51 (200-DMA), 110.57 (23.6% Fib), 110.01 (Mar 28 low)

Resistance levels - 111.83 (5-DMA), 112, 112.43 (78.6% Fib), 112.88 (Oct 22 high) 

Recommendation: Watch out for break below 200-DMA to go short.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.