USD/JPY is struggling to pierce through the resistance zone at 106.50. The pair reached a high of 106.54 and immediately retreated to lower levels pressured by the bearish desire to depreciate the pair further. The price is now 105.76 with a low of 104.62 indicating that market participants are having a hard time trying to win the battle against each other.
Major bull target is to break the long-term resistance at 108 while major bear target is to get below 100.50 and possibly reach 98.00.
Later today we have the FED Interest Rate Decision which would have an impact on the pair so prepare for volatility. First support level is seen at 104.50. First resistance is daily high at 106.54.
Chart: USD/JPY D1
Let's see what effect the fundamentals will have on it.
ReplyDeleteLet’s see if FOMC spurs more risk appetite later today.
ReplyDeleteThanks for such an informative analysis.
ReplyDeleteThank you for the assessment.
ReplyDeleteAs always, very detailed analysis.
ReplyDeleteGreat analysis! Congratulations.
ReplyDeleteGood insight.
ReplyDeleteExcellent analysis!
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