USD/JPY struggles around 114.70

Thursday, 19/01/2017 | 16:08 GMT

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The pair is struggling to extend Wednesday’s correction higher to levels just shy of the 115.00 handle, backed by a renewed buying interest around the buck after supportive comments by Chairwoman Janet Yellen.

Yellen emphasized the solid health of the US economy, which could prompt the Federal Reserve to accelerate its tightening pace in the next months. Yellen also added that the economy remains close to the Fed’s goals in employment and inflation.

As of writing the pair is up 0.01% at 114.67 and a break above 114.97 (high Jan.19) would open the door 115.53 (high Jan.12) and then 116.00 (20-day sma). On the other hand, the next support is located at 113.67 (55-day sma) ahead of 112.95 (low Jan.18) and finally 111.98 (38.2% Fibo of the November-December 2015 up move).

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Source: https://www.ag-markets.com/news/

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