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USD/JPY – 50-DMA could be put to test on strong US data

FX:USDJPY   U.S. Dollar/Japanese Yen
Resistance – 111.76, 112.00, 112.84

Support – 110.97, 110.66, 110.00

  • Pair’s rebound from near 5-DMA support of 110.67 followed by a recovery above Feb low of 110.97 coupled with a daily RSI above 50.00 makes it a ideal candidate for a rally in case US durable goods data beats expectations.
  • In such a case, 50-DMA hurdle at 111.76 could be put to test.
  • On the other hand, a weak data could see prices fall back to 5-DMA level of 110.67.
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