FxWirePro: USD/JPY remains bullish as rally continues
USD/JPY rose sharply on Tuesday as yesterday’s better-than-expected U.S. manufacturing data accelerated the pair’s upside. Forecast-beating U.S. manufacturing data on Monday stoked expectations that the Federal Reserve w…
USD/JPY rose sharply on Tuesday as yesterday’s better-than-expected U.S. manufacturing data accelerated the pair’s upside.
Forecast-beating U.S. manufacturing data on Monday stoked expectations that the Federal Reserve will lift interest rates by year-end, driving the dollar higher and weighing on gold.
The ongoing upside for the pair is set to continue as the pair finds strong support at 102.00 which should limit any downside and push the pair towards higher levels.
To the upside, the immediate resistance can be seen at 102.71, a break above this level would take the pair towards next resistance level at 103.15.
To the downside, immediate support can be seen at 102.34, a break below this level will open the door towards next level at 102.00.
