The USD/JPY pair sunk sharply towards lower levels on Tuesday, hitting as low as 101.20, after Japan's cabinet approved a package of spending in new fiscal measures. The government's package includes 7.5 trillion yen in …
The USD/JPY pair sunk sharply towards lower levels on Tuesday, hitting as low as 101.20, after Japan's cabinet approved a package of spending in new fiscal measures.
The government's package includes 7.5 trillion yen in spending by the national and local governments, and earmarks 6 trillion yen from the Fiscal Investment and Loan Program, which is not included in the government's general budget.
Further upside is expected to be limited as the pair finds strong resistance at 102.52 which should limit upside and bring a decline towards lower levels.
To the upside, the immediate resistance can be seen at 101.40, a break above this level would take the pair towards next resistance level at 101.73.
To the downside immediate support can be seen at 101.06, a break below this level will open the door towards next level at 100.60.
