USD/JPY rebounds above 110.70 after Fed’s minutes

US Dollar rises after FOMC minutes.
USD/JPY finds support at 110.60 and rebounds.

Matías Salord FXStreet

The USD/JPY moved modestly to the upside after the release of the FOMC minutes from the latest meeting. The pair rose from levels near 110.60 to 110.85. It remained below daily high, and the moved higher remove some intraday bearish pressures.

The greenback gained ground across the board following the minutes. According to the document, Fed’s officials saw continued sustained economic expansion, strong labor market demand and inflation near the target. They noted that some downside risks had increased. Most of them agreed that it would be desirable to announce soon a plan to stop reducing the balance sheet later this year. Regarding rates, “several” participants saw further rate hikes appropriate in 2019, if the economy evolves as expected.

Short-term Key Levels to watch

To the downside, the immediate support is the 110.60 area (US session low) and below 110.40/45 (Feb 18 & 19 low) and 110.20. On the upside, resistance might be seen at the daily high at 110.95 followed by 111.10 (Fed high) and 111.50.

USD/JPY

Overview:
    Today Last Price: 110.67
    Today Daily change: 0.06 pips
    Today Daily change %: 0.05%
    Today Daily Open: 110.61
Trends:
    Daily SMA20: 109.92
    Daily SMA50: 110.06
    Daily SMA100: 111.55
    Daily SMA200: 111.31
Levels:
    Previous Daily High: 110.82
    Previous Daily Low: 110.44
    Previous Weekly High: 111.13
    Previous Weekly Low: 109.7
    Previous Monthly High: 110
    Previous Monthly Low: 104.75
    Daily Fibonacci 38.2%: 110.68
    Daily Fibonacci 61.8%: 110.58
    Daily Pivot Point S1: 110.42
    Daily Pivot Point S2: 110.23
    Daily Pivot Point S3: 110.03
    Daily Pivot Point R1: 110.81
    Daily Pivot Point R2: 111.01
    Daily Pivot Point R3: 111.2

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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