FxWirePro: USD/JPY reverses earthquake-led slide, retakes 111 handle, bias higher

• USD/JPY slumped to session lows of 110.26 on news of a massive earthquake and the following tsunami warnings off Japan’s Pacific coast.
   
• The pair tested 5-day SMA at 110.36, but has since pared losses to retake the 111 handle.
   
• We see stiff resistance at 111.35 (May 31 high), break above will find next major resistance at 111.45 May 30th high).
   
• Technical studies support upside in the pair, momentum studies are bullish.
   
• Our previous call (http://www.econotimes.com/FxWirePro-USD-JPY-off-5-month-highs-at-11078-bias-higher-good-to-buy-on-dips-409909) is progressing.
   

Recommendation: Hold for targets. 
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FxWirePro's Hourly USD Spot Index was at 90.9604 (Slightly bullish), while Hourly JPY Spot Index was at -121.194 (Heavily bearish) at 0715 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex