Long USD/JPY breaks 200-DMA, gains to 112.20 likely | March 14, 2019

The 10-year UST yield continues to recover from over 3-month lows below 2.6 percent hit earlier this week, supporting the USD.

Technical studies on intraday charts are turning slightly bullish .

Price action is probing 200-hour SMA resistance at 111.51, breakout could see further gains.

RSI is above 50 and Stochs are at oversold levels which keep scope for reversal into neutral.

55-EMA is strong support at 110.83. Rejection at 200-DMA and retrace below 55-EMA will see weakness.

Support levels - 110.83 (55-EMA), 110 ( trendline ), 109.60 (50% Fib)

Resistance levels - 112, 112.13 (Mar 5 high), 112.25 (200-W SMA )

Stay long for 112/ 112.25, SL: 110.80