FxWirePro: USD/JPY neutral near-term, scope for downward resumption
The USD/JPY pair declined on Monday, as sluggish U.S. retail sales data on Friday lowered expectations of a near-term interest rate hike by the Federal Reserve. Further upside is expected to be limited as the pair finds …
The USD/JPY pair declined on Monday, as sluggish U.S. retail sales data on Friday lowered expectations of a near-term interest rate hike by the Federal Reserve.
Further upside is expected to be limited as the pair finds strong resistance at 101.67 which should limit more upside and bring a decline towards lower levels.
To the upside, immediate resistance can be seen at 101.16, a break above this level would take the pair towards next resistance level at 101.67.
To the downside immediate support can be seen at 100.58, a break below this level will open the door towards next level at 99.94.
