FxWirePro: USD/JPY outlook weaker on renewed downside pressure
USD/JPY declined on Tuesday as demand for safe-haven assets like Japanese currency increased as investors looked for fresh cues following last week on the U.S. Federal Reserve's moderately dovish stance. Investors were a…
USD/JPY declined on Tuesday as demand for safe-haven assets like Japanese currency increased as investors looked for fresh cues following last week on the U.S. Federal Reserve's moderately dovish stance.
Investors were also worried that President Donald Trump will struggle to deliver promised tax cuts that propelled the market to record highs in recent months, with nervousness increasing ahead of a key healthcare vote.
The ongoing weakness is set to continue for this pair as the resistance level at 112.94 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels.
To the upside, immediate resistance can be seen at 112.13, a break above this level would take the pair towards next resistance level at 112.94.
To the downside, immediate support can be seen at 111.37, a break below this level will open the door towards next level at 110.83.
