USD/JPY pair has inched higher in US session towards 113.65 levels as the pair was supported by healthy US Inflation which increased more than expected in February
- Currently the pair is approaching to test resistance at 114.00.
- The pair is set to advance further towards 114.50 and 115.00 levels in the short term, as the US dollar is set gain upper hand against Japanese yen ahead of FOMC meeting.
- Strong support can be seen at 113.40, a break below this level will expose the pair to next support level at 112.93.
- Major resistance can be seen at 114.00, a break above this level will open the door towards 114.45 levels.
Resistance Levels
R1: 113.84 (Daily high)
R2: 114.00 (23.6 % Retracement Level)
R3: 114.45 (March 10th high)
Support Levels
S1: 113.40 (38.2 % Retracement Level)
S2: 112.93 (50 % Retracement Level)
S3: 112.40 (61.8% Retracement Level)
