FxWirePro: USD/JPY remains bullish as rally continues
USD/JPY rose on Tuesday as safe-haven demand continued to fade in the wake of Emmanuel Macron's victory in the French election and increased expectations for June US rate hike lifted greenback. Dollar strengthened after …
USD/JPY rose on Tuesday as safe-haven demand continued to fade in the wake of Emmanuel Macron's victory in the French election and increased expectations for June US rate hike lifted greenback.
Dollar strengthened after Fed funds futures showed investors are almost universally expecting the Federal Reserve to raise U.S. overnight interest rates at its next meeting, with close to a 90 percent perceived chance of an increase next month.
The dollar was up 0.7 percent against the yen at 114.08 yen after earlier hitting its highest level since mid-March.
Currently, the currency pair is trading at 114.16 levels, it is set to advance further towards 114.50 and later 115.00 levels in the short term.
To the upside, immediate resistance can be seen at 114.33, a break above this level would take the pair towards next resistance level at 114.78.
To the downside immediate support can be seen at 113.95, a break below this level will open the gates towards next level at 113.58.
