USD/JPY rides a hawkish Fed

FXStreet (Guatemala) - Currently, USD/JPY is trading at 113.78, up 1.31% on the day, having posted a daily high at 114.22 and low at 112.57.

USD/JPY has stalled here and pressures have turned slightly negative. The RSI at 80 actually warns of USD/JPY entering overbought territory. However, support maintains the pair with the October 15th high still in focus despite the BoJ’s aggressive policy action last week. Japan isn’t offering much in the way of data releases this week so attention is on the US calendar and also for the better tone of the USD on the back of the FOMC’s more hawkish than expected policy statement last week.

USD/JPY noteworthy levels

Current price is 113.79, with resistance ahead at 114.01 (Weekly Classic R1), 114.22 (Daily High), 114.65 (Daily Classic R2), 115.69 (Weekly Classic R2) and 116.80 (Daily Classic R3). Next support to the downside can be found at 113.49 (Daily Classic R1), 113.23 (Hourly 20 EMA), 112.81 (Daily Open), 112.57 (Daily Low) and 112.49 (Asia's High).