Investing.com - Financial Markets Worldwide
June's AI-picked stock updates now live. See what's new in Tech Titans, up 28.5% year to date.Unlock Stocks

USD/JPY: Facing Hurdle Around 121.50 Ahead of Fed Meeting

ByTitan FX
Published 03/18/2015, 12:22 AM
Updated 07/09/2023, 06:32 AM
USD/JPY
-
DX
-

Key Highlights
US Dollar continued to trade in the positive territory, but struggling to clear an important resistance at 121.50.
· Fed interest rate decision is a major release lined up today, which is likely to ignite moves in the US dollar.
· USD/JPY has a support around 121.10 and resistance ahead at 121.50.

Technical Analysis
The USD/JPY pair continuously finding buyers around the 121.00 level and struggled to move lower. Recently, the pair tested the 50% fib retracement level of the last leg from the 120.62 low to 121.56 high. Moreover, the 200 hour moving average is also positioned on the downside and acting as a barrier for the US dollar sellers.

USDJPY

There is a bearish trend line formed on the hourly chart, which is protecting upsides in the pair. The pair struggled many times around the highlighted trend line and moved back lower. We need to see whether the pair can break higher or not. A break above the stated trend line might ignite more gains in the near term. In that situation, the pair might spike towards the last swing high around 122.00.

Currently, the pair is flirting with the 100 hour MA. A successful close above the same might encourage the US dollar buyers moving ahead.

Fed Interest Rate Decision Today, in the US the fed interest rate decision will be announced, which holds the key for the US dollar in the short term. We need to see how it reacts and whether it surges higher or corrects lower moving ahead.

Latest comments

Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.