FxWirePro: US/JPY remains bullish as rally continues
The USD/JPY pair inched higher on Thursday, as gains in global stocks and increased appetite for riskier assets put the Japanese yen under pressure. The yen sank across the board as the upbeat mood on global stock market…
The USD/JPY pair inched higher on Thursday, as gains in global stocks and increased appetite for riskier assets put the Japanese yen under pressure.
The yen sank across the board as the upbeat mood on global stock markets stretched into a sixth day and media reports stoked speculation the Bank of Japan could take steps to fund government spending directly.
Further downside is expected to be limited as the pair finds strong support at 104.49 which should limit the slipping below and bring a rebound towards higher levels.
To the upside, the strong resistance can be seen at 105.85, a break above this level would take the pair towards next resistance level at 106.17.
To the downside immediate support can be seen at 105.15, a break below this level will open the door towards next level at 104.49.
