FxWirePro: USD/JPY consolidating around 102.77, bias is bullish
The USD/JPY inched higher on Tuesday as rebound in US stocks and strong US GDP data supported dollar bulls. Gross domestic product increased at a 1.1 percent, better than the 0.8 percent pace reported last month. Further…
The USD/JPY inched higher on Tuesday as rebound in US stocks and strong US GDP data supported dollar bulls.
Gross domestic product increased at a 1.1 percent, better than the 0.8 percent pace reported last month.
Further downside is expected to be limited as the pair finds strong support at 102.06 which should limit downside and bring rebound back towards higher levels.
To the upside, the strong resistance can be seen at 103.26, a break above this level would take the pair towards next resistance level at 104.00.
To the downside immediate support can be seen at 102.06, a break below this level will open the door towards next level at 101.35.
