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20 May 2015
FOMC minutes reaction: USD/JPY falls to test 121.00
FXStreet (Cocoa) - And the market made its choice as reaction following the FOMC minutes: Sell the US Dollar. The USD/JPY is now testing the 121.00 support after briefly peaking to its 2-month highs at 121.50.
FOMC minutes showed that FOMC members see a rate hike unlikely in June. The Fed also expects that a moderate growth will resume in the Q2.
Currently, USD/JPY is trading at 121.11, up 0.36% on the day, having posted a daily high at 121.49 and low at 120.58. USD/JPY spot is in overbought territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index remains slightly bullish.
USD/JPY levels
If the pair extends declines below 121.00, it will find supports at 120.75, 120.60 and 120.40. To the upside, resistances are at 121.30, 121.50 and 121.60.
FOMC minutes showed that FOMC members see a rate hike unlikely in June. The Fed also expects that a moderate growth will resume in the Q2.
Currently, USD/JPY is trading at 121.11, up 0.36% on the day, having posted a daily high at 121.49 and low at 120.58. USD/JPY spot is in overbought territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index remains slightly bullish.
USD/JPY levels
If the pair extends declines below 121.00, it will find supports at 120.75, 120.60 and 120.40. To the upside, resistances are at 121.30, 121.50 and 121.60.