 to see further weakness - EconoTimes)
USD/JPY chart on Trading View used for analysis
- USD/JPY is trading in a narrow range, with session highs at 110.618 and lows at 110.513.
- The pair is consolidating previous session's slump after dovish Fed comments.
- On Tuesday, Fed Chair Powell reiterated patience on rate hikes and took note of the risks to the US economy.
- Both treasury yields and the US dollar weakened after Powell's dovish testimony and are expected to remain under pressure today.
- Technical indicators for the major are neutral to slightly bearish on the daily charts.
- Strong support is seen at 55-EMA at 110.50. Break below will accentuate weakness. Dip till daily cloud at 109.44 then likely.
- On the flipside 110-EMA at 110.90 is strong resistance. Upside only on decisive break above.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
