FxWirePro: USD/JPY trades a narrow range, capped below 5-DMA, bias lower

• USD/JPY bounces-off 113, but 5-DMA at 113.52 weighs on the upside.
   
• Recovery in the pair lost steam, USD/JPY slipped from session highs to currently trade at 113.34.
   
• Japan PM Adviser Honda’s jawboning the currency continues to weigh on the Japanese yen.
   
• Broad-based US dollar weakness overweighs, Trump headlines will continue to drive the broader market sentiment.
   
• On the 4 hourly charts, the pair trades a downward channel.
   
• Stiff resistance is seen at 4H 50-SMA at 113.81, break above could see some strength intraday.
   
• Currently, the pair is struggling at nearly converged 4H 5&20 SMA at 113.40.
   
• We see scope for downside, next immediate support lies at 112.52 (Jan 24 low).
   
• Support levels - 113, 112.52 (Jan 24 low), 112, 111.35 (Nov 28 low)
   
• Resistance levels - 113.53 (5-DMA), 113.80 (4H 50-SMA), 114, 114.42 (Jan 23 high)
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Recommendation: Good to sell rallies around 113.45/50, SL: 114.35, TP: 113/ 112.52/ 112