FxWirePro: USD/JPY maintains bullish bias with focus on 115.00 levels
USD/JPY traded in slightly higher in range as dollar strengthened on expectations that U.S. interest rates will go up this month, a view reinforced by a string of positive economic data. Recent upbeat U.S. data, includin…
USD/JPY traded in slightly higher in range as dollar strengthened on expectations that U.S. interest rates will go up this month, a view reinforced by a string of positive economic data.
Recent upbeat U.S. data, including non-farm payrolls and factory and services sector activity have pointed to a recovery in the world's biggest economy, clearing the way for the Federal Reserve to raise interest rates next week.
Investors are now shifting their focus to the upcoming Federal Reserve policy meeting next week, where traders see a 92 percent chance of an interest rate hike.
Further downside is expected to be limited as the pair finds strong support at 112.87 should limit further decline and bring rebound towards higher levels in the short term.
To the upside, the strong resistance can be seen at 114.74, a break above this level would take the pair towards next resistance level at 115.52.
To the downside immediate support can be seen at 113.41, a break below this level will open the door towards next level at 112.87.
