FxWirePro: USD/JPY remains bullish as rally continues
USD/JPY inched higher in the US session as strong U.S. economic data buoyed the dollar and further cemented the case for hiking rates in December. U.S. private employers stepped up hiring in November much more than expec…
USD/JPY inched higher in the US session as strong U.S. economic data buoyed the dollar and further cemented the case for hiking rates in December.
U.S. private employers stepped up hiring in November much more than expected and consumer spending increased last month, giving more ammunition to the Federal Reserve for a rate increase.
Further downside is expected to be limited as the pair finds strong support at 112.63 which should limit further decline and bring rebound towards higher levels in the short term.
To the upside, immediate resistance can be seen at 113.83, a break above this level would take the pair towards next resistance level at 114.00.
To the downside immediate support can be seen at 113.21, a break below this level will open the door towards next level at 112.63.
