Fxwirepro: Usd/jpy Loses Momentum But Outlook Is Bullish
- USD/JPY declined on Monday as uncertainty ahead of Donald Trump’s inauguration as U.S. President this month increased of demand for safe heaven Japanese yen.
- Dollar gained on Friday after data showed a rebound in U.S. wages last month despite a smaller-than-expected jobs gain, which could drive the Federal Reserve to consider raising interest rates as early as the first quarter.
- The pairs further decline is set to be limited as the strong support at 115.00 is set to hold the bears from declining further below and bring rebound back to higher levels.
- Immediate support can be seen at 115.89, a break below this level will expose the pair to next support level at 115.00 levels.
- Major resistance can be seen at 117.53 a break above this level will open the door towards 118.30.
R1: 116.95 (38.2% Retracement Level)
R2: 117.53 (Daily high)
R3: 118.30 (23.6% Retracement Level)
S1: 115.89 (50 % Retracement Level)
S2: 115.00 (Psychological levels)
S3: 114.81 (61.8 % Retracement Level)
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