FxWirePro: USD/JPY stuck in range but maintains bullish bias
The USD/JPY pair slipped towards lower levels during Tuesday's US session, as demand for Japanese’s yen increased after U.S. economic data failed to support expectations for a June Federal Reserve interest rate hike. The…
The USD/JPY pair slipped towards lower levels during Tuesday's US session, as demand for Japanese’s yen increased after U.S. economic data failed to support expectations for a June Federal Reserve interest rate hike.
The safe-haven Japanese currency also gained on speculation that Japanese Prime Minister Shinzo Abe will announce a delay to next year's proposed sales tax hike on Wednesday.
Further downside is expected to be limited as the support level located at 110.00 is likely to hold the bears from falling further below and bring a rebound back towards higher levels.
To the upside, the strong resistance can be seen at 111.31, a break above this level would take the pair towards next resistance level at 111.79.
To the downside immediate support can be seen at 110.45, a break below this level will open the gates towards next level at 110.00.
