FXStreet (Mumbai) - The US dollar erased Fed’s statement-backed gains and trades lower against the Japanese yen in the mid-Asian session.
Currently, USD/JPY trades at 118.53 levels, trading -0.11% lower on the day. The US dollar strengthened against the Japanese yen after The Federal Open Market Committee Statement (FOMC) indicated that interest rate hike is on its way next year, which sent US dollar up against its major forex peers. The US dollar is likely to remain supported on diverging monetary policy outlooks in Japan and the US.
USD/JPY Technical Levels
To the upside, the next resistance is located at 118.66 (5-day SMA) levels and above which it could extend gains to 118.91 (Dec 17 High) levels. To the downside immediate support might be located at 117.93 (20-day SMA), below that at 117.31 (50-day SMA) levels.
Currently, USD/JPY trades at 118.53 levels, trading -0.11% lower on the day. The US dollar strengthened against the Japanese yen after The Federal Open Market Committee Statement (FOMC) indicated that interest rate hike is on its way next year, which sent US dollar up against its major forex peers. The US dollar is likely to remain supported on diverging monetary policy outlooks in Japan and the US.
USD/JPY Technical Levels
To the upside, the next resistance is located at 118.66 (5-day SMA) levels and above which it could extend gains to 118.91 (Dec 17 High) levels. To the downside immediate support might be located at 117.93 (20-day SMA), below that at 117.31 (50-day SMA) levels.
USD/JPYDec 18 at 04:11 GMT
118.57/58 (-0.10%)
H119.02 L 118.39
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