FxWirePro: USD/JPY finds strong resistance at 109.45, good to sell rallies

• USD/JPY has seen a robust recovery from near 17-month lows at 107.63 (April 11th).
   
• The pair is rangebound on the day, made intraday high at 109.21 and low at 108.74 levels.
   
• Recovery appears capped ahead of 109.20 region, the pair also finds strong trendline resistance at 109.45.
   
• Upside seems capped largely on the back broad based US dollar weakness, we see scope for further gains only on breaks above 109.50. 
   
• On the data front, markets focus on US building permits and housing starts data due in the NY session, and also Japanese trade balance due tomorrow.
   
• Immediate resistance is seen at 109.21 (session highs), ahead of 109.45 (trendline).
   
• Supports are located at 108.78 (10-DMA), 108.65 (4H cloud base) and then at 108.50 (Apr 13th lows).
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Recommendation: Good to sell rallies around 109.10/15, SL: 109.50, TP: 108.75/108.50/108