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USD/JPY dropped on tax hike

USD/JPY pair fell from 98.00 to 97.50 in the European trade as Japan's government report said today consumption tax will be hiked from 5% to 8% in April 2014. Nothing was said about cutting corporate tax rates. This news was expected by the markets, but still remains a negative factor for USD/JPY and Nikkei 225 index. 

USD/JPY is now trading slightly above the key 97.50 support. Next strong support lies at 97.00 and 96.80. Resistance lies at 98.05. 

Chart. H4 USD/JPY

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