- USD/JPY strengthened on Tuesday as dollar held firm on expectations of tighter U.S. monetary policy as the market awaited a speech from Federal Reserve Chair Janet Yellen this week.
- The dollar index, which tracks the greenback against a basket of six major rivals, added 0.15 percent to 96.164 ahead of Yellen's semi-annual monetary policy testimony before Congress on Wednesday and Thursday.
- The ongoing upside is set to continue for this pair as the support level at 113.60 is likely to act as strong barrier to the bears and push the pair towards higher side.
- To the upside, the strong resistance can be seen at 114.50, a break above this level would take the pair towards next resistance level at 114.86.
- To the downside immediate support can be seen at 114.10, a break below this level will open the gates towards next level at 113.60.
Resistance Levels
R1: 114.50 (38.2% Retracement level)
R2: 114.86 (March 15th high)
R3: 115.18 (23.6% Retracement level)
Support Levels
S1: 114.10 (50% Retracement level)
S2: 113.60 (61.8% Retracement level)
S3: 113.00 (Psychological levels)
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