A strong rebound for the U.S. Dollar was witnessed during yesterday's session. On Wednesday, the Fed announced an increase in interest rates while hinting that they will increase rates again in December. This U.S. rate increase is the catalyst behind the U.S. dollar's move higher against the Japanese Yen. With no major reports coming out of neither of the two countries today, investors remain focused on Dollar's momentum on the back of the Fed's decision and the fresh US data yesterday.
The U.S. Dollar rallied against the Japanese Yen during Thursday's session and early during today's session. Although the pair may see some slight pullback, the USD/JPY seems to be heading towards the 113.56 level where it may break it and continue further in the direction of the 113.64 area during today's session. The pair seems to be a strong buy during Friday.
Support: 113.35 113.06
Resistance: 113.56 113.64