FxWirePro: USD/JPY neutral in the near-term, scope for upward resumption
USD/JPY inched higher on Wednesday the greenback strengthened on expectations that Federal Reserve increase the US interest rate. The U.S. Federal Reserve is due to release its policy statement at 2 pm EDT (1800 GMT), wi…
USD/JPY inched higher on Wednesday the greenback strengthened on expectations that Federal Reserve increase the US interest rate.
The U.S. Federal Reserve is due to release its policy statement at 2 pm EDT (1800 GMT), with the central bank widely expected to raise interest rates for the second time in three months.
Market participants will be watching for whether the Fed will signal an even faster pace of monetary tightening this year than the three rate hikes it projected in December.
Further downside in this pair should be limited as strong support at 114.00 should limit downside and bring rebound towards higher levels in the short term.
To the upside, the strong resistance can be seen at 116.00, a break above this level would take the pair towards next resistance level at 116.35.
To the downside immediate support can be seen at 114.63, a break below this level will open the door towards next level at 114.00.
