FxWirePro: USD/JPY consolidating around 115.44, scope for further upside
USD/JPY rose on Thursday as dollar regained its footing after data showed solid economic growth, a day after Federal Reserve Chair Janet Yellen signaled further rate hikes are likely. Better than expected jobs and housin…
USD/JPY rose on Thursday as dollar regained its footing after data showed solid economic growth, a day after Federal Reserve Chair Janet Yellen signaled further rate hikes are likely.
Better than expected jobs and housing data pushed the dollar higher and reinforced the view that the U.S. economy is robust to warrant rate rises this year.
However, as investors remained cautious ahead of the inauguration of President-elect Donald Trump on Friday.
To the upside, the strong resistance can be seen at 116.23, a break above this level would take the pair towards next resistance level at 116.86.
To the downside immediate support can be seen at 114.80, a break below this level will open the door towards next level at 114.37.
