FxWirePro: USD/JPY struggles to hold above 200-DMA, dip till 111 likely

USD/JPY chart - Trading View 

• USD/JPY slips lower as demand for the safe-havens Yen remains strong amid escalating geopolitical tensions concerning the Libyan capital, Tripoli.
   
• The pair failed to hold gains above 200-DMA, is currently trading 0.33% lower on the day at 111.33 at 1400 GMT.
   
• US factory orders data released earlier today bettered expectations, could cushion downside. 
   
• US factory orders arrived at -0.5%, compared to forecasts at -0.6% and +0.1% last.
   
• Technical studies do not provide a clear directional bias. Close below 200-DMA could see dip till 111 mark.
   
• Retrace and close above 200-DMA could see upside continuation. 

Support levels - 111.11 (21-EMA), 110.75 (cloud top), 110.15 (trendline)

Resistance levels - 111.49 (200-DMA), 111.82 (Apr 5 high), 112

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