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Technical analysis

USDJPY Bullish Above 112.90

OctaFx | Nov. 9, 2018
USDJPY Bullish Above 112.90

The USDJPY pair traded with a mild negative bias through the Asian session on Friday and eroded a part of previous session strong up-move to five-week tops.

November 9, OctaFX  The US dollar recovered early week losses after the Federal Open Market Committee policy statement struck a hawkish tone, bolstering the chances of a December rate hike from the US Federal Reserve.

The US dollar Index had been under selling pressure earlier this week as the US mid-term election results provided a mixed-result, paving the way for potential political gridlock in Washington over the next two years.

However, the US dollar soon regained its composure, as the FOMC kept rates unchanged and remained bullish on the overall outlook for United States economy.

USDJPY Technical Outlook

  • The USDJPY pair is bullish while trading above the 112.90 level, key resistance is found at the 114.40 and 115.00 levels.
  • If the USDJPY pair trades below the 112.90 level, key support is found at the 112.50 and 111.10 levels.

Disclaimer

This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.