FxWirePro: USD/JPY struggles at major trendline resistance at 114.60, upside only on break above

• USD/JPY is consolidating ADP-led gains near 114.50, trades a narrow range in the day.
   
• Unexpected rise in the US ADP jobs data released on Wednesday keep the US dollar supported.
   
• Renewed risk-off following the release of poor Chinese CPI figures keeps yen supported and upside in the pair capped.
   
• We see slight bullish divergence on RSI which supports upside in the pair. 
   
• The pair finds major trendline resistance at 114.60, further upside only on break above.
   
• On the flipside immediate strong support lies at 114 (50-DMA), bullish invalidation on break below.
   
• Focus now on NFP Friday for further direction.

Support levels - 114.15 (5-DMA), 114 (50-DMA), 113.52 (20-DMA)

Resistance levels - 114.95 (Feb 15 high), 115.12 (50% Fib of 118.662 to 111.594 fall), 115.37 (Jan 27 high)

TIME  TREND INDEX  OB/OS INDEX    

1H          Bullish                Neutral       
4H          Neutral               Neutral       
1D          Neutral               Neutral        
1W         Bearish               Neutral      

Recommendation: Go long on breakout above trendline resistance at 114.60, SL: 114, TP: 115.10/ 115.40/ 115.62

FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at 120.617(Highly bullish), while Hourly JPY Spot Index was at -41.0408 (Neutral) at 0800 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.