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FxWirePro: FOMC's Minutes less dovish than feared, stay long USD/JPY above 110-EMA (110.91)

USD/JPY chart on Trading View used for analysis

  • USD/JPY edges higher from session lows at 110.59 and is currently trading at 110.80 at 0350 GMT.
     
  • FOMC's Minutes overnight were less dovish than feared, yet confirmed the more cautious perspective from policymakers. 
     
  • The pair trades with a slight bullish bias. Technical indicators support upside in the pair.
     
  • We see stiff resistance at 110-EMA at 110.91. Breakout above will see further gains.
     
  • Next major resistance lies at 200-DMA at 111.30 ahead of 78.6% Fib at 112.43.
     
  • On the flipside, 21-EMA is strong support at 110.21. Weakness likely on break below.

Support levels - 110.46 (55-EMA), 110.21 (21-EMA), 109.60 (50% Fib)

Resistance levels - 110.91 (110-EMA), 111.30 (200-DMA), 112  

Recommendation: Stay long on breakout above 110-EMA, SL: 110.20, TP: 111.30/ 112

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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