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2017.04.2609:59:00UTC+00Fxwirepro: 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.
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