Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: USD/JPY breaks strong resistance at 113.20, targets 114.20

  • Bullish tone in USD/JPY pushes the pair higher to break strong resistance at 113.20.
     
  • Rising prospects of a Fed rate hike next month particularly after upbeat US Q4 GDP revision keep the US dollar supported, USD/JPY extends upside for 8th straight session.
     
  • Most Asian regions observe Easter Monday holiday, trades remain thin, the Japanese yen remains weak on the back of risk-on rally in the Japanese stocks.
     
  • 113.80 is next immediate resistance for the pair. Breaks above could see tests of 114 and then 114.20 levels.
     
  • On the downside supports are seen at 113.27 (4h 5DMA), 113.11 (session lows) and further below at 113.
     
  • Calendar focus this week shall remain on U.S. ISM manufacturing, ADP Employment Report and PCE inflation for February along with BoJ Tankan survey.

Recommendation: Good to buy dips around 113.55, SL: 113, TP: 113.80/114/114.20
 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.