FxWirePro: USD/JPY pauses at 112 handle, bias bullish as long as 200-DMA support holds

USD/JPY chart - Trading View 

• USD/JPY pauses upside at 112 handle, break above required for further upside.
   
• The pair is extending gains for the 4th straight session and holds break above 200-DMA.
   
• US President Trump’s jawboning over the weekend is holding back the dollar, but, technical analysis supports upside.
   
• Momentum with the bulls. We see scope for further gains. Weakness only on retrace below 200-DMA.
   
• On the data front, focus this week shall be on NFP and housing market data for major market impact.
   
• Immediate resistance lies at 76.4% Fib at 112.21. Break above targets trendline resistance at 113.20.
   
• On the flipside, 5-DMA is immediate support at 111.36. Break below 200-DMA negates bullish bias.

Call update: Our previous call (https://www.econotimes.com/FxWirePro-USD-JPY-breaks-above-200-DMA-USD-strengthens-across-the-board-following-Powells-upbeat-comments-1505055) has hit TP1.

Recommendation: Book partial profits at highs. Hold for further upside.

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