FxWirePro: USD/JPY neutral in the near-term, scope for upward resumption
Wednesday, January 11, 2017 2:34 PM UTC
- USD/JPY rose on Wednesday as dollar gained as expectations of a pro-growth message from U.S. President-elect Donald Trump's first news conference prevailed over worries about what he will say on trade and China.
- Investors awaited details about possible economic policies from President-elect Donald Trump who was scheduled for a news conference on Wednesday.
- Anxiety whether Trump could deliver on economic issues he pledged during his campaign has led to a pullback in dollar in recent days.
- To the upside, the strong resistance can be seen at 117.00, a break above this level would take the pair towards next resistance level at 117.52.
- To the downside immediate support can be seen at 115.76, a break below this level will open the door towards next level at 115.09.
Resistance Levels
R1: 116.45 (61.8% Retracement Level)
R2: 117.00 (Psychological levels)
R3: 117.52 (Jan 9th highs)
Support Levels
S1: 115.76 (50% Retracement Level)
S2: 115.09 (38.2% Retracement Level)
S3: 114.76 (Dec 14th lows)