FxWirePro: USD/JPY maintains bullish bias with focus on 112.00 levels
USD/JPY rose on Tuesday as the outlook for the greenback remained bullish after a relentless rally over the past several days in the wake of Republican Donald Trump's U.S. election win. The dollar quickly regained its fo…
USD/JPY rose on Tuesday as the outlook for the greenback remained bullish after a relentless rally over the past several days in the wake of Republican Donald Trump's U.S. election win.
The dollar quickly regained its footing in US session, helped by U.S. existing home sales data which hit more than 9-1/2-year high in October.
Further downside is expected to be limited as the pair finds strong support at 109.91 should limit further decline and bring rebound towards higher levels in the short term.
To the upside, the strong resistance can be seen at 111.40, a break above this level would take the pair towards next resistance level at 111.84.
To the downside immediate support can be seen at 110.65, a break below this level will open the door towards next level at 109.91.
