FxWirePro: USD/JPY holds above 5-DMA, stay long

• Risk-on back in the markets, Nikkei regained momentum and settled above 1% for today. USD/JPY trading near session highs at 109.36, momentum higher.
   
• Japan industry performance beats estimates, however yen remained little changed against its major peers.
   
• Japan March industrial production jumped, beating estimates, according to the final data released by the Ministry of Economy, Trade and Industry showed on Tuesday. 
   
• Industrial production expanded 3.8 pct in March, compared to an initial estimate of 3.6 pct, data showed.
   
• Pair holds above 5-DMA at 108.85, finds next hurdle at 109.40 ahead of 109.55 (May 13th highs) and then 109.90.
   
• Techs support upside in the pair. Stochs, RSI and MACD point north. Break above 109.90 could see test of 50-DMA at 110.25. 
   
• Our previous call (http://www.econotimes.com/FxWirePro-USD-JPY-finds-strong-support-at-108-levels-good-to-buy-dips-208506) has hit TP1.
   

Recommendation: Raise stops to 108.85, hold for TP2. Break above 109.90 could see further upside till 110.25