FxWirePro: USD/JPY loses momentum but outlook is bullish
The USD/JPY pair inched towards 102.30 on Monday as investors sold safe heaven assets like Japanese yen after comments from top Federal Reserve official’s fuelled speculation that U.S. interest rates would rise sooner ra…
The USD/JPY pair inched towards 102.30 on Monday as investors sold safe heaven assets like Japanese yen after comments from top Federal Reserve official’s fuelled speculation that U.S. interest rates would rise sooner rather than later, boosting the dollar.
Further downside is expected to be limited as the pair finds strong support at 101.47 which should limit further decline and bring rebound towards higher levels in the short term.
Immediate support can be seen at 101.93, a break below this level will expose the pair towards next support level located at 101.47 levels.
Major resistance can be seen at 103.00, a break above this level will open the gates towards 103.43 levels.
