USDJPY: Mildly Bullish
|| 24 Hour: Mildly Bullish | Medium Term: Neutral |
Preferred Strategy: Mildly Bullish
US$Jpy has rallied on Tuesday, in line with firmer US treasury yields, and is finishing at session highs following an earlier dip to a low of 110.82.
We are currently sitting right up against strong resistance at 111.95, but with the short term momentum indicators looking positive; a break of 112.00/10 could bring about a quick rally towards 112.40 and possibly back towards 112.85/113.00.
Support now lies at 111.65 and then again at 111.10 although this looks unlikely to be seen ahead of the FOMC. If wrong, a sustained downside break of 111.00 would allow a return to the session low of 110.82 and then towards 110.55/65 and possibly to 110.15.
Economic data highlights will include:
W: BOJ Nakaso Speech
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