FxWirePro: USD/JPY maintains bullish bias with focus on 114.00 levels
USD/JPY inched higher on Tuesday as better than expect US GDP data reinforced expectations that Federal Reserve will raise interest rate in by the end of year. Data showed U.S. economy grew faster than initially thought …
USD/JPY inched higher on Tuesday as better than expect US GDP data reinforced expectations that Federal Reserve will raise interest rate in by the end of year.
Data showed U.S. economy grew faster than initially thought in the third quarter, notching its best performance in two years.
Expectations of stronger growth after U.S President-elect Donald Trump takes office in January have also helped dollar regain its footing.
Further downside is expected to be limited as the pair finds strong support at 111.91 which should limit further decline and bring rebound towards higher levels in the short term.
To the upside, the strong resistance can be seen at 113.83, 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 112.56, a break below this level will open the door towards next level at 111.91.
