FxWirePro: USD/JPY remains bullish as rally continues
USD/JPY rose on Monday as dollar was supported by jump in U.S. bond yields as traders bet fiscal and trade policies under a Donald Trump administration would stoke inflation. Trump's stunning U.S. presidential win last w…
USD/JPY rose on Monday as dollar was supported by jump in U.S. bond yields as traders bet fiscal and trade policies under a Donald Trump administration would stoke inflation.
Trump's stunning U.S. presidential win last week also sparked expectations that the Federal Reserve will raise interest rates in December.
Further downside is expected to be limited as the pair finds strong support at 106.95 should limit further decline and bring rebound towards higher levels in the short term.
To the upside, the strong resistance can be seen at 108.58, a break above this level would take the pair towards next resistance level at 109.11.
To the downside immediate support can be seen at 107.74, a break below this level will open the door towards next level at 106.95.
