FxWirePro: USD/JPY maintains bullish bias with focus on 113.50 levels
USD/JPY inched higher on Thursday as the greenback rallied on the back of the hawkish U.S. Federal Reserve statement. The Fed kept interest rates unchanged on Wednesday while emphasising the strength of the labour market…
USD/JPY inched higher on Thursday as the greenback rallied on the back of the hawkish U.S. Federal Reserve statement.
The Fed kept interest rates unchanged on Wednesday while emphasising the strength of the labour market - a sign it was still on track for two more rate rises this year.
The dollar was also boosted after data showed U.S. jobless benefits fell more than expected last week and the number of Americans on unemployment rolls hit a 17-year low.
Other data showed a jump in labor costs, raising expectations that wages will continue to increase and help boost inflation to the Fed’s 2 percent target.
The ongoing upside is set to continue for this pair as support level at 111.94 is likely to act as strong barrier to bears in the short term.
To the upside, the strong resistance can be seen at 113.72, a break above this level would take the pair towards next resistance level at 114.00.
To the downside immediate support can be seen at 112.49, a break below this level will open the door towards next level at 111.94.
