FxWirePro: USD/JPY slips below 111 handle to hit fresh 3-week lows at 110.78

• USD/JPY broke below the 111 handle and hit fresh 3-week lows at 110.78 before paring some losses to currently trade at 110.96 levels.
   
• Upbeat Japan Labour cash earnings data along with renewed risk-off supporting the Japanese Yen higher.
   
• BOJ Governor Kuroda was on the wires, speaking in parliament, noting that they are watching forex moves carefully.
   
• He said that monetary policy doesn't directly target forex, adding that it is desirable for forex to move in way reflecting fundamentals.
   
• The major sees strong trendline support at 110.77 and is holding above that level. Breaks below would see test of 110.55 and then 110 levels.
   
• On the upside, resistance is seen at 111.77 (5-DMA) ahead of 111.80 (Apr 4th highs).
   
• Techincal indicators are heavily bearish, strongly supporting downside in the pair.
   
• Our previous call (http://www.econotimes.com/FxWirePro-USD-JPY-on-track-to-test-support-at-11050-momentum-heavily-bearish-188523) has hit target 1 @ 110.82.
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We recommend booking partial profits, lowering stop to 111.80, target 110.50/110