FxWirePro: USD/JPY rises above 117.50 in light trade after holiday weekend, bias remains bullish
USD/JPY inched higher on Tuesday as dollar rose in holiday-thinned trade after U.S. consumer confidence hit 15-year high in December. U.S. consumer confidence shot to its highest in more than 15 years in December as expe…
USD/JPY inched higher on Tuesday as dollar rose in holiday-thinned trade after U.S. consumer confidence hit 15-year high in December.
U.S. consumer confidence shot to its highest in more than 15 years in December as expectations for strength in job growth, business conditions and the stock market continued to build following the U.S. presidential election, a survey said on Tuesday.
The Conference Board said its Consumer Confidence Index rose to 113.7 this month from an upwardly revised 109.4 in November. That topped estimate of 109.0, and was the highest since August 2001.
The pair is set to reach 118.00 and later towards 118.50 in the short term as the US dollar is set to strengthen further against its Japanese counterpart in the short term. Therefore it’s good to buy this pair on dips.
To the upside, the strong resistance can be seen at 117.95, a break above this level would take the pair towards next resistance level at 118.24.
To the downside immediate support can be seen at 117.36, a break below this level will open the gates towards next level at 116.89.
