FxWirePro: USD/JPY rejected at session highs, break below 5-DMA to see further weakness

• USD/JPY has retraced from session highs at 107.51, slips lower to currently trade at 107.29.
   
• 5-DMA at 107.19 is immediate support, break below will see further weakness.
   
• Technical indicators are biased higher. RSI is above 50 levels and +ve DMI dominance adds to bullish bias.
   
• Price action rages within daily Ichimoku cloud and break below will see drag lower.
   
• On the upside we see next major resistance at 108.49 (38.2% Fib) ahead of 100-DMA at 109.10.

Support levels - 107.19 (5-DMA), 107 (23.6% Fib), 106.84 (21-EMA)

Resistance levels - 107.78 (Apr 13 high), 108, 108.49 (38.2% Fib)

FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at 10.9455 (Neutral), while Hourly JPY Spot Index was at 79.463 (Neutral) at 0815 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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