FxWirePro: USD/JPY maintains bullish bias with focus on 105.80 levels
USD/JPY rose on Thursday as dollar rallied across the board after upbeat US economic data and on expectations that Federal Reserve was on track to raise interest rates in December. U.S. economic data showed an upward rev…
USD/JPY rose on Thursday as dollar rallied across the board after upbeat US economic data and on expectations that Federal Reserve was on track to raise interest rates in December.
U.S. economic data showed an upward revision in U.S. durable goods orders for August and stronger-than-expected U.S. pending home sales for September supported prevailing expectations for a December rate increase.
Further downside is expected to be limited as the pair finds strong support at 103.97 should limit further decline and bring rebound towards higher levels in the short term.
To the upside, the strong resistance can be seen at 105.34, a break above this level would take the pair towards next resistance level at 106.00.
To the downside immediate support can be seen at 104.58, a break below this level will open the door towards next level at 103.97.
