FxWirePro:USD/JPY loses upside momentum, bearish in the near term
The USD/JPY inched higher on Monday as US dollar bounced back from last week losses as investors shook off dovish statement from Federal Reserve. However, further upside is expected to be limited as the pair finds strong…
The USD/JPY inched higher on Monday as US dollar bounced back from last week losses as investors shook off dovish statement from Federal Reserve.
However, further upside is expected to be limited as the pair finds strong resistence at 113.79 which should limit upside and bring a rebound back towards higher levels.
Technically the RSI in the 4 hour chart is indicating slightly downwards at 45, meanwhile the 55, 30 and 20 MA's are pointing towards downside.
To the upside, the strong resistance can be seen at 114.00, a break above this level would take the pair towards next resistance level at 114.84.
To the downside immediate support can be seen at 111.32,a break below this level will open the door towards next level at 110.55.
