FxWirePro: USD/JPY on track to test 61.8% Fib at 114.63, momentum studies bullish

• USD/JPY trades with a highly bullish bias, momentum studies bullish.
   
• The major is extending gains after breakout of Symmetric Triangle Pattern.
   
• Monday's disappointing Machinery Orders and Current Account data from Japan along with global risk-on denting Yen's safe-haven appeal.
   
• Scope for test of 61.8% Fib at 114.63. Violation there could see next bull target at 115 and then 115.50.
   
• Focus now on Fed Chair Janet Yellen's testimony and this week's US macro data - monthly retail sales and inflation figures for further cues.
   

Support levels - 114, 113.76 (5-DMA), 112.88 (July 6 lows)

Resistance levels - 114.63 (61.8% Fib retrace of 118.662 to 108.130 fall), 115, 115.50 (Mar 10 highs)

Call update: Our previous call (http://www.econotimes.com/FxWirePro-USD-JPY-consolidates-breakout-above-symmetric-triangle-bias-higher-792050) has hit TP1, bias higher.

Recommendation: Book partial profits at highs. Hold for 114.63.

FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at 66.625 (Neutral), while Hourly JPY Spot Index was at -168.297 (Bearish) at 0530 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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