FxWirePro: USD/JPY neutral in the near-term, scope for upward resumption
USD/JPY pair rose in the US session on Friday as dollar was boosted on expectations that Federal Reserve will raise interest rate next month. Fed chair Janet Yellen said on Thursday that Trump's election has done nothing…
USD/JPY pair rose in the US session on Friday as dollar was boosted on expectations that Federal Reserve will raise interest rate next month.
Fed chair Janet Yellen said on Thursday that Trump's election has done nothing to change the Fed's plans for a rate increase "relatively soon".
The pair is set to reach 110.50 and later towards 111.00 in the short term as the US dollar is set to strengthen further against its Japanese counterpart in the short term.
To the upside, the strong resistance can be seen at 111.40, a break above this level would take the pair towards next resistance level at 111.88.
To the downside immediate support can be seen at 109.86, a break below this level will open the gates towards next level at 109.19.
