FxWirePro: USD/JPY outlook weaker on renewed downside pressure
The Japanese yen was favored on Friday as disappointing US retail sales figures, fueled concerns over the next rate hike by Federal Reserve. The pair after the data release slipped sharply to hit hitting session low at 1…
The Japanese yen was favored on Friday as disappointing US retail sales figures, fueled concerns over the next rate hike by Federal Reserve.
The pair after the data release slipped sharply to hit hitting session low at 100.78 and is approaching to test support level located at 100.60.
Further upside is set to limited as the strong resistance at 102.25 is set to hold the bulls from advancing further and bring decline towards lower levels.
Strong support can be seen at 99.95, a break below this level will expose the pair to next support level at 99.00 levels.
Immediate resistance can be seen at 101.20, a break above this level will open the door towards 101.70.
