- USD/JPY inched higher on Wednesday as investors awaited President Donald Trump's announcement on tax reform and remained optimistic that the government would avert a shutdown.
- U.S. President Donald Trump will release a tax plan on Wednesday proposing some deep rate cuts, mostly for businesses, including a slashed corporate income tax rate and steeply discounted tax rate for overseas corporate profits brought into the United States.
- Investors were also confident that any U.S. government shutdown could be prevented, particularly after Trump indicated he would compromise on a budget.
- The ongoing upside is set to continue for this pair as support level at 110.90 is likely to act as strong barrier to bears in the short term.
- To the upside, the strong resistance can be seen at 112.00, a break above this level would take the pair towards next resistance level at 112.26.
- To the downside immediate support can be seen at 111.30, a break below this level will open the door towards next level at 110.90.
R1: 111.73 (38.2% Retracement Level)
R2: 112.00 (Psychological levels)
R3: 112.26 (23.6% Retracement Level)
S1: 111.30 (50% Retracement Level)
S2: 110.90 (61.8% Retracement Level)
S3: 110.26 (April 4th lows)
The material has been provided by InstaForex Company – www.instaforex.com
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