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- USD/JPY bulls back in control, pair recovers from session lows of 110.64 to retake the 111 handle.
- Technical studies support further upside, the major on track to test 111.80.
- 5-DMA at 110.05 is immediate support, break below could see some downside.
- Major support levels - 110.05 (5-DMA), 109.07 (trendline resistance turned support), 108.55 (Nov 17 low)
- Major resistance levels - 111.45 (May 30 high), 111.88 (double top Apr 25&28), 112
- Our previous call (http://www.econotimes.com/FxWirePro-USD-JPY-off-5-month-highs-at-11078-bias-higher-good-to-buy-on-dips-409909) has achieved TP1.
Recommendation: Book partial profits, raise trailing stop to 110, hold for upside.
FxWirePro's Hourly USD Spot Index was at 73.0645 (Neutral), while Hourly JPY Spot Index was at -150.215 (Highly bearish) at 0500 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
