FxWirePro: USD/JPY consolidating around 113.89, bias is bullish
USD/JPY rose on Monday as greenback was buoyed by a smooth meeting between U.S. President Donald Trump and Japanese Prime Minister Shinzo Abe that saw no mention of currency policy. The U.S. currency found broad support …
USD/JPY rose on Monday as greenback was buoyed by a smooth meeting between U.S. President Donald Trump and Japanese Prime Minister Shinzo Abe that saw no mention of currency policy.
The U.S. currency found broad support from comments by Trump on Thursday that he planned to announce an ambitious tax reform plan in the next few weeks, rekindling hopes for big tax cuts.
Further, downside for this pair is expected to be limited as the pair finds strong support at 112.88 which should limit further decline and bring rebound towards higher levels in the short term.
To the upside, the strong resistance can be seen at 114.64, a break above this level would take the pair towards next resistance level at 115.00.
To the downside immediate support can be seen at 113.43, a break below this level will open the door towards next level at 112.88.
