FxWirePro: USD/JPY Daily Technical Analysis

USD/JPY chart - Trading View 

USD/JPY Daily Technical Analysis: Bias Bullish
- Price action consolidates break above 200-DMA
- Stochs and RSI show bullish momentum
- Cloud offers strong support, weakness only on break below
- Upside struggles at 112 handle, break above will see further upside
- On the weekly charts 200W SMA is offering strong resistance
- Technical indicators on the weekly charts are also bullish. Price has broken above weekly cloud
- Scope for gains upto 88.6% Fib at 113.42. Weakness likely below 111 handle

Support levels - 111.51 (nearly converged 5 and 200-DMA), 111 (nearly converged 110-EMA and 20-DMA), 110.83 (Apr 15 low)
Resistance levels - 111.95 (200-W SMA), 112.21 (76.4% Fib), 113, 113.42 (88.6% Fib)

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