USDJPY: Minor resistance will be seen at 111.45
|| 24 Hour: Neutral | Medium Term: Neutral |
US$Jpy took out some strong resistance levels in trading up to 112.19 ahead of the Fed, but then fell hard, reaching a low of 111.05 before closing the day at 111.25.
The dollar now looks heavy, and a downside break of 111.00 would allow a return to the previous session low of 110.82, the trend support at 110.75 and then towards 110.55/65 and possibly to 110.15.
On the topside, minor resistance will be seen at 111.45 and then again at 111.85. 112.00 looks unlikely to be revisited today but if wrong, we could see a return to 112.20.
Preferred Strategy: Neutral
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