FxWirePro: USD/JPY neutral in the near-term, scope for downward resumption
USD/JPY declined on Monday as the dollar took a hit from geopolitical fears following North Korea's missile test and by a batch of weak data. The greenback was pinned back after North Korea said it had successfully teste…
USD/JPY declined on Monday as the dollar took a hit from geopolitical fears following North Korea's missile test and by a batch of weak data.
The greenback was pinned back after North Korea said it had successfully tested a new mid-to-long range missile able to carry a large-scale nuclear warhead.
The news triggered an uptick in demand for safe-haven securities like gold and Japanese yen.
Short rally in this pair should be viewed as selling opportunities, as US dollar is weaker against the Japanese yen in short term.
To the upside, the strong resistance can be seen at 114.08, a break above this level would take the pair towards next resistance level at 114.39.
To the downside immediate support can be seen at 113.09, a break below this level will open the gates towards next level at 112.81.
