FxWirePro: USD/JPY loses momentum but outlook is bullish
USD/JPY rose on Friday as investors consolidated positions ahead of next week's government debt auctions and a widely expected interest rate increase by the Federal Reserve. Investors are anticipating another interest ra…
USD/JPY rose on Friday as investors consolidated positions ahead of next week's government debt auctions and a widely expected interest rate increase by the Federal Reserve.
Investors are anticipating another interest rate increase by the Fed on Wednesday, at the conclusion of a two-day monetary policy meeting.
Dollar was also boosted after former FBI Director James Comey's testimony on Thursday was not seen as damaging enough to Donald Trump's presidency.
The pair is set to reach 111.00 and later towards 111.50 in the short term as the US dollar is set to strengthen against its Japanese peer in the short term. Therefore it’s good to buy this pair on dips.
To the upside, the immediate resistance can be seen at 110.81, a break above this level would take the pair towards next resistance level at 111.00.
To the downside, immediate support can be seen at 110.32, a break below this level will open the door towards next level at 109.81.
