FxWirePro: USD/JPY loses momentum but outlook is bullish
USD/JPY declined sharply on Thursday as uncertainty steaming from political uncertainty in the United States and Europe prompted investors to seek safe-haven assets such as Japanese yen. Concern over U.S. President Donal…
USD/JPY declined sharply on Thursday as uncertainty steaming from political uncertainty in the United States and Europe prompted investors to seek safe-haven assets such as Japanese yen.
Concern over U.S. President Donald Trump's policies, as well as elections in the Netherlands, France and Germany this year kept investors from making big bets on greenback.
The pair remains under bulls control unless until it trades above 112.48 support level, therefore it is good to buy this pair on dips.
To the upside, the strong resistance can be seen at 113.84, a break above this level would take the pair towards next resistance level at 114.17.
To the downside immediate support can be seen at 113.23, a break below this level will open the gates towards next level at 112.85.
