FxWirePro: USD/JPY struggles at 114 handle, weakness only on close below 100-DMA at 113.08

• USD/JPY capped below 114 handle, momentum studies are still biased higher.
   
• The pair is edging higher along 5-DMA support currently at 113.23.
   
• Break above major resistances: channel top at 112.75, cloud top at 112.80 and 100-DMA at 113.10 has reinforced upside.
   
• Markets almost priced-in a June rate hike on the release of a solid US jobs report released last Friday.
   
• On weekly charts the pair is showing a break above 100-SMA at 113.23.
   
• We see minor reversal on close below 5-DMA and further reversal only on break below 100-DMA at 113.08.

Support levels - 113.23 (5-DMA), 113.08 (100-DMA), 112.80 (cloud top)

Resistance levels - 114, 114.63 (61.8% Fib), 114.75 (Mar 3 high)

Call update: Our previous call (http://www.econotimes.com/FxWirePro-USD-JPY-breaks-100-DMA-at-11310-good-to-go-long-on-dips-688596) has hit TP1.

Recommendation: Book partial profits at highs, raise trailing stops to 113.20. Hold for 114.60.

FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at 29.4912 (Neutral), while Hourly JPY Spot Index was at -95.0319 (Neutral) at 0500 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.