FxWirePro: USD/JPY changes short term trend from neutral to bearish
USD/JPY declined in the US session as unease over the economic policies of U.S. President Donald Trump pushed investors towards safe heaven Japanese yen. Trump confirmed that he would begin renegotiating the North Americ…
USD/JPY declined in the US session as unease over the economic policies of U.S. President Donald Trump pushed investors towards safe heaven Japanese yen.
Trump confirmed that he would begin renegotiating the North American Free Trade Agreement and withdraw from the Trans-Pacific Partnership (TPP).
Uncertainty over Trump's policies sent the dollar to a 1-1/2 month low against a basket of currencies, while bond yields slipped from recent highs.
Further upside in this pair is set to be limited as the strong resistance at 115.00 is set to hold the bulls from advancing further higher and bring decline towards lower levels.
Major support can be seen at 112.24, a break below this level will expose the pair to next support level at 111.42 levels.
Immediate resistance can be seen at 113.59 a break above this level will open the door towards 114.10.
