USD/JPY: daily update
USD/JPY stalled yesterday at resistance in the 98.40/50 area. Today the pair is trading on the downside, though supported by the Ichimoku conversion line (red line), 50% Fibo at 97.65 and the middle of yesterday’s daily candle at 97.55. There’s also support at 97.40, 97.20 and 97.65.
The confusing news about Japanese tax reforms create uncertainty. All eyes are on US data due today at 12:30 and 14:00 GMT. In our view, the odds are that support holds and the greenback retests resistance at 98.50 and probably 98.75.
Chart. Daily USD/JPY