FxWirePro: USD/JPY consolidates around 109.99 levels, bias remains bullish
The USD/JPY rose on Tuesday as increased speculation for an interest rate hike in coming months from Federal Reserve strengthened dollar across the board. Trader’s expectation of a rate increase from Federal Reserve pick…
The USD/JPY rose on Tuesday as increased speculation for an interest rate hike in coming months from Federal Reserve strengthened dollar across the board.
Trader’s expectation of a rate increase from Federal Reserve picked up speed following April meetings released last week and comments on Monday from Fed’s central bankers signaled a possible June hike.
Further upside is expected to be limited as the pair finds strong resistance at 109.16 which should limit upside and bring a decline towards lower levels.
To the upside, the strong resistance can be seen at 110.69, a break above this level would take the pair towards next resistance level at 111.00.
To the downside immediate support can be seen at 109.70, a break below this level will open the door towards next level at 109.16.
