FxWirePro: USD/JPY rangebound, recovery stalls shy of 38.2% fib level

USD/JPY is trading rangebound on the day, with day's high at 114.39 and lows at 113.59.

• The pair's recovery from multi-year lows at 110.96 (Feb 11th) stalled for now just shy of the 38.2% fib level of 121.68 -110.96 fall.
   
• Price action is ranging between the 10 and 5 DMAs as markets await for the crucial FOMC minutes and CPI data due Friday.
   
• Break below 5-DMA support at 113.58 could see the pair test next support at 113.27 (Feb 15th lows).
   
• On the topside, break above 10-DMA at 114.57 will take the pair to next resistance at 115 (psychological level and 38.2% fib of 121.68 -110.96 fall).