FxWirePro: USD/JPY remains bid, breaks above 21-EMA as yen offered on risk-on

USD/JPY chart on Trading View used for analysis

• USD/JPY has broken above 113 handle and is currently trading at 113.21 after hitting session highs at 113.28.
   
• Rise in in the S&P 500 futures amid risk-on weighing on the Japanese yen.
   
• Technical studies are turning slightly bullish on the daily charts raising scope for further upside.
   
• The pair has broken above 21-EMA and has bounced off daily cloud on Friday's trade with a 'Dragonfly Doji' formation.
   
• RSI has edged above 50 mark and is biased higher along with Stochs.
   
• Close above 20-DMA to see test of upper Bollinger Band at 114 mark.
   
• Rejection at 21-EMA and slip below daily cloud to see weakness till 100-DMA.

Support levels - 113.08 (21-EMA), 112.30 (Nov 20th low)

Resistance levels - 113.38 (Oct 31 high), 114 (Upper BB)

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