FxWirePro: USD/JPY regains bullish posture in early Asian trade, decisive break above 114 required for upside continuation

USD/JPY chart on Trading View used for analysis

• USD/JPY regains bullish momentum in early Asian trade, tests 114 handle as the pair recovers from slight bearish gap open.
   
• Data released earlier today showed Japan's Domestic Corporate Goods Prices came in largely as-expected.
   
• We are likely to see constrained volumes on the day as US markets remained closed for US Thanksgiving long weekend.
   
• Also data calendar remains thin on the day. Markets await the mid-week's higher-impact economic data.
   
• Data for the week which could impact the pair: US NFIB survey (Tue), Japan GDP (Wed),  US CPI (Wed), US retail sales and Philly Fed survey (Thur) and US industrial production (Fri).
   
• The pair maintains its positive tone but we also see some overbought pressures on momentum indicators.
   
• Price action is struggling at 114 handle and a decisive break above is required for upside continuation.

Support levels - 113.75 (5-DMA), 113, 112.88 (20-DMA)

Resistance levels - 114.55 (Oct 4 high), 114.74 (Nov 2017 high), 115

Recommendation: Watch out for decisive breakout at 114 to go long. 

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