FxWirePro: USD/JPY recovery capped at 5-DMA, break above to see further upside

USD/JPY chart on Trading View used for analysis

• USD/JPY extends recovery for a second straight session, trades 0.13% higher on the day at 112.89 at the time of trading.
   
• The pair remains supported by resilient US yields and a broadly stronger greenback.
   
• Technical studies for the day are neutral. Markets now await Japan CPI inflation data due Thursday for further impetus.
   
• Analysts expect Japan’s core CPI seen unchanged for third straight month in October.
   
• Recovery for now is capped at 5-DMA at 112.92, break above to see further upside.
   
• On the flipside, the pair finds immediate support at 55-EMA at 112.65, break below to see weakness till 110-EMA at 111.95.

Support levels - 112.65 (55-EMA), 111.95 (110-EMA)

Resistance levels - 112.92 (5-DMA), 113.08 (21-EMA)

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