FxWirePro: USD/JPY rangebound, risk-on likely to keep Yen under pressure

• Yen ignores rise in Japan current-account surplus, ongoing risk-on likely to keep the Japanese currency under pressure.
   
• Data released today showed Japan current account surplus rose to JPY 2.91 trillion ($25 billion) in March, up for the 33rd straight month.
   
• USD/JPY struggles to break above 114.37, but downside holds above 5-DMA support.
   
• Risk-on in the equities and hawkish Fed speak to see further upside.
   
• Technical studies on weekly charts are bullish, RSI and Stochs are biased higher.

Support levels - 113.23 (5-DMA), 113.08 (100-DMA), 112.80 (cloud top)

Resistance levels - 114, 114.63 (61.8% Fib), 114.75 (Mar 3 high)

Call update: Our previous call (http://www.econotimes.com/FxWirePro-USD-JPY-breaks-100-DMA-at-11310-good-to-go-long-on-dips-688596) has hit TP1.

Recommendation: Hold for upside.

FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at -120.844 (Bullish), while Hourly JPY Spot Index was at -63.4799 (Neutral) at 0500 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.