USD/JPY Forecast: Fresh highs, little in the way until 116.00

Valeria Bednarik FXStreet

USD/JPY Current price: 115.10

View Live Chart for the USD/JPY

Fresh highs, little in the way until 116.00. The USD/JPY pair jumped to a fresh 11-month high above the 115.00 region, driven but renewed dollar's demand. The pair has spent most of the week stuck around 114.00, now that dovish ECB is out of the way, market's attention is now focused on the upcoming FED meeting next Wednesday, when the US Central Bank is expected to rise its main benchmark by at least 0.25bps, fueling the pair. Short term, the 1 hour chart shows that technical indicators have decelerated their advances within overbought territory, whilst the 100 and 200 SMAs are turning modestly higher well below the current level. In the 4 hours chart, technical indicators also lack upward strength, but hold within positive territory whilst the 100 SMA advanced up to 112.80. The pair has little in the way up to 116.00, where multiple weekly lows from 2015 will probably contained the upside ahead of the mentioned FOMC meeting.

Support levels: 114.90 114.55 114.20

Resistance levels: 115.30 115.65 116.00

Interested in USD/JPY technicals? Check out the key levels

1. R3 115.79
2. R2 115.08
3. R1 114.53
PP 113.83
1. S1 113.28
2. S2 112.57
3. S3 112.02

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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