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28 Jan 2015
USD/JPY slips below 118, Fed decision in focus
FXStreet (Mumbai) - USD/JPY erased previous gains and traded modestly flat below 118 levels as the US dollar continues to swings both ways as traders await the Federal Reserve (Fed) meeting outcome.
Currently, the USD/JPY trades almost unchanged at 117.92 levels, retracing from day’s high posted at 118.26 earlier in the session. The pair gave up away gains from the Asian session as the greenback retreated, while traders remain cautious and expect that the Fed will hold a patient approach for a longer time.
However, the pair remains underpinned as long as it trades above hourly 200-DMA located at 117.85 levels.
USD/JPY Technical Levels
To the upside, the next resistance is located at 118.50 levels and above which it could extend gains 118.81 levels. To the downside immediate support might be located at 117.34 levels, below that at 117 levels.
Currently, the USD/JPY trades almost unchanged at 117.92 levels, retracing from day’s high posted at 118.26 earlier in the session. The pair gave up away gains from the Asian session as the greenback retreated, while traders remain cautious and expect that the Fed will hold a patient approach for a longer time.
However, the pair remains underpinned as long as it trades above hourly 200-DMA located at 117.85 levels.
USD/JPY Technical Levels
To the upside, the next resistance is located at 118.50 levels and above which it could extend gains 118.81 levels. To the downside immediate support might be located at 117.34 levels, below that at 117 levels.