2017.03.2208:48:00UTC+00Fxwirepro: Usd/jpy Resumes Downside After Failing to Break Above 111.72
USD/JPY declined on Wednesday as investors sold riskier assets and rushed towards safe havens, such as gold and Japanese yen, on concerns about U.S. President Donald Trump's economic growth agenda.
Investors became jittery overnight on worries about how quickly Trump could implement pro-growth policies, and unwound bullish bets on the U.S. dollar. That hit risk sentiment globally, hurting stocks, commodities and currencies.
Further upside for this pair is expected to be limited as resistance at 112.64 is set to limit upside and bring decline towards lower levels.
To the upside, immediate resistance can be seen at 111.72, a break above this level would take the pair towards next resistance level at 112.64.
To the downside immediate support can be seen at 111.00, a break below this level will open the gates towards next level at 110.18.
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