Fxwirepro: Usd/jpy Maintains Bullish Bias With Focus on 112.00 Levels

  • 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.

    Resistance Levels

    R1: 111.73 (38.2% Retracement Level)

    R2: 112.00 (Psychological levels)

    R3: 112.26 (23.6% Retracement Level)

    Support Levels

    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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