FxWirePro: USD/JPY runs out of steam but maintains bullish outlook
The USD/JPY pair declined towards 105.79 levels in the US session as investor sentiment was hurt after US stocks edged lower and trader’s awaited signals of a potential interest rate increase this year from this week's m…
The USD/JPY pair declined towards 105.79 levels in the US session as investor sentiment was hurt after US stocks edged lower and trader’s awaited signals of a potential interest rate increase this year from this week's meeting of U.S. Federal Reserve policymakers.
However, the pair is set to advance further on speculation that Japan's central bank could unveil a fresh batch of monetary stimulus on Friday.
Currently, the currency pair is trading at 105.79 levels, it is set to advance further towards 106.50 and later towards 107.00 levels in the short term.
Strong support can be seen at 105.70, a break below this level will expose the pair towards next support level located at 105.26 levels.
Major resistance can be seen at 106.90, a break above this level will open the gates towards 107.52 levels.
