FxWirePro: USD/JPY neutral in the near-term, scope for downward resumption
The USD/JPY pair dipped on Thursday as greenback struggled for direction after minutes from Wednesdays U.S. Federal Reserve meeting suggested that the central bank could take a more cautious approach to interest rate inc…
The USD/JPY pair dipped on Thursday as greenback struggled for direction after minutes from Wednesdays U.S. Federal Reserve meeting suggested that the central bank could take a more cautious approach to interest rate increases.
Fed policymakers had agreed at the meeting that they should hold off from raising rates until it is clear that a recent U.S. economic slowdown is only temporary, though most said an increase is coming soon.
Further upside in this pair is likely to be limited as the pair finds strong resistance at 108.00 which should limit more upside and bring a decline towards lower levels.
To the upside, the strong resistance can be seen at 109.50, a break above this level would take the pair towards next resistance level at 109.92.
To the downside immediate support can be seen at 109.14, a break below this level will open the door towards next level at 108.80.
