FxWirePro: USD/JPY rejected at 50-DMA, intraday bias lower

• USD/JPY rejected at 50-DMA on Wednesday's trade, slips below 114 handle.
   
• Slightly cautious comments from Yellen, during her second day of testimony on Wednesday, negated strong US macro releases - CPI and retail sales data.
   
• The pair is hovering around 5-DMA at 113.84, close below will see further weakness.
   
• Scope for test of trendline support at 112.60. Violation there will see drag upto 111.60.
   
• Technical indicators are inconclusive. We prefer to wait on sidelines for further confirmation.
   

Support levels - 113.37 (20-DMA), 112.60 (rising trendline), 111.60 (Feb 7 low) 

Resistance levels - 114.30 (session high), 115.04 (50-DMA), 115.38 (Jan 27 high)

TIME  TREND INDEX  OB/OS INDEX    

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

Call update: Our previous call (http://www.econotimes.com/FxWirePro-USD-JPY-holds-5-DMA-support-bias-higher-stay-long-540331) has achieved all targets.

FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at 21.0272(Neutral), while Hourly JPY Spot Index was at -116.975 (Highly bearish) at 0720 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.