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FxWirePro: USD/JPY tests 113 handle, greenback buoyed after Powell's optimistic testimony

  • USD/JPY has hit fresh 6-month highs at 113.13 before paring some of the gains to currently trade at 112.96 levels.
     
  • The greenback was buoyed across the board after Powell's optimistic testimony.
     
  • Fed Chairman Jerome Powell reiterated that the Fed would continue to gradually raise the fed funds rate in compliance with their mandate to reach maximum employment and 2% inflation.
     
  • Powell's comments, during the semiannual congressional testimony also suggested that lingering trade tensions will not prevent the Fed from raising interest rates.
     
  • The pair has given up some of the gains as markets await US housing market data ahead of Powell's second round of testimony before the House Financial Services Committee. 
     
  • Technical indicators support upside. Momentum studies are bullish.
     
  • Price finds immediate strong resistance at 200W SMA at 113.24. Break above targets 78.6% Fib at 115.65.

Support levels - 112.60 (5-DMA), 111.90 (trendline), 111.33 (21-EMA)

Resistance levels - 113.24 (200W SMA), 113.58 (88.6% Fib), 114

FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at 83.9716 (Bullish), while Hourly JPY Spot Index was at 0.498775 (Neutral) at 1145 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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2018-10-23 02:39:40
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