FxWirePro: USD/JPY retakes 115 handle, intraday bias lower, good to sell rallies

• USD/JPY trades a narrow range in the Asian session. Doji formation seen on daily charts till now.
   
• The pair is holding 5-DMA support at 114.60, break below could see drag upto 112.90 (20-DMA).
   
• Bearish RSI divergence seen on hourly charts, intraday bias lower.
   
• Support levels - 114.61 (5-DMA), 114.54 (1H 100-MA), 114, 113.12 (Dec 8 low), 112.90 (20-DMA)
   
• Resistance levels - 115.51 (61.8% Fib), 116, 116.12 (Dec 12 high)
   

Recommendation: Good to sell rallies around 115.20/25, SL: 115.60, TP: 114.75/ 114.55/ 114
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FxWirePro's Hourly USD Spot Index was at -44.1255 (Neutral), while Hourly JPY Spot Index was at -77.2018 (Highly bearish) at 0445 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.