FxWirePro: USD/JPY neutral in the near-term, scope for downward resumption
USD/JPY declined on Monday as the greenback weakened and investors unwound previous bets the Federal Reserve would hike U.S. interest rates at an aggressive pace this year. The greenback has been on the retreat since the…
USD/JPY declined on Monday as the greenback weakened and investors unwound previous bets the Federal Reserve would hike U.S. interest rates at an aggressive pace this year.
The greenback has been on the retreat since the U.S. Federal Reserve raised interest rates on Wednesday but stopped short of predicting a sharper acceleration in monetary tightening over the next two years.
The ongoing downside is set to continue for this pair as the resistance level at 114.23 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels.
To the upside, the immediate resistance can be seen at 113.43, a break above this level would take the pair towards next resistance level at 114.23.
To the downside immediate support can be seen at 112.62, a break below this level will open the gates towards next level at 112.00.
