FxWirePro: USD/JPY rangebound below 20-DMA at 113.27, intraday bias neutral

• USD/JPY catches fresh bids after bearish gap down open after better-than-expected Japan trade data.
• The data released today showed a rise in the Japanese trade deficit to JPY 1,086.9 billion in January. 
• However, negative treasury yields likely to cap major upside attempts in the major.
• USD/JPY has been trading a narrow range, with day's high of 113.18 and low of 112.79.
• Upside finds major resistance at 20-DMA, while downside remains supported by major trendline at 112.85.
• Technical studies do not show clear direction. Decisive break below major support at 112.85 could accentuate weakness.

Support levels - 112.85 (trendline), 112, 111.60 (Feb 7 low), 111.16 (100-DMA)

Resistance levels - 113.27 (20-DMA), 113.50 (5-DMA), 114

TIME  TREND INDEX  OB/OS INDEX    

1H          Neutral                Neutral       
4H          Bullish                Neutral       
1D          Neutral                Neutral        
1W         Bearish               Neutral      

Recommendation: Watch out for break below trendline at 112.85 to go short.

FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at 44.9364(Neutral), while Hourly JPY Spot Index was at 89.9986 (Bullish) at 0520 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.