FxWirePro: USD/JPY pares losses, extends gains above the 111 handle

• USD/JPY stabilizes from its worst opening levels at 110.78 and is back on the 111 handle, currently trading at 111.21.
   
• Ongoing chatter surrounding the sales tax hike delays could continue to support the Nikkei and USD/JPY.
   
• However, a broadly weaker US dollar is capping upside, USD index now dropping -0.15% to 95.56 levels.
   
• Upside finds resistance at 111.758 (double top Mar 18th and Apr 27th) ahead of 111.91 (100-DMA). 
   
• While to the downside, immediate support is seen at 110.48 (5-DMA) and below that at 110.18(10-DMA).
   
• Markets now focus on US PCE price index and consumer confidence data among others, for fresh momentum on the major.
   
• We had advised a long in the pair (http://www.econotimes.com/FxWirePro-USD-JPY-spikes-above-the-111-handle-as-Yen-slumps-on-talks-of-possible-delay-in-sales-tax-hike-214527).
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Recommend holding for targets.