FxWirePro: USD/JPY Near-Term Outlook

USD/JPY chart - Trading View 

• USD/JPY depressed below cloud top, bias remains bearish.
   
• The major failed to extend break above 200-SMA on the daily and weekly charts.
   
• Price action has slipped below major EMAs and technical indicators have turned bearish.
   
• Volatility rising on the daily charts and momentum with the bears. MACD and DMI support downside.
   
• Break below daily cloud will see weakness till 109.44 (38.2% Fib). Bearish invalidation above 200-DMA.
   
• Focus on BoJ minutes and March JOLTS job openings. The employment data could rise to 7.240 million from 7.087 million previous.

Support levels - 110.31 (cloud base), 110, 109.44 (38.2% Fib)

Resistance levels - 111.08 (5-DMA), 111.25 (55-EMA), 111.50 (200-DMA)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.