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USD/JPY: Minor spike runs into offers at 120.35

FXStreet (Mumbai) - The USD/JPY pair quickly rose to 120.35 following Fed’s Dudley’s comments, but was quickly offered at the same to trade around 120.10 levels.

Trades below hourly 200-MA

The pair is now trading below its hourly 200-MA located at 120.23 levels. Fed’s Dudley ditched his dovish stance in favour of a more hawkish view, stating that Fed does not put much weight to market based CPI measures and said the Fed may hike rates this year.

Meanwhile, the personal spending report failed to have a sizeable impact on the pair. Ahead in the day, the spot could track more comments from the Fed officials and the US housing data.

USD/JPY Technical Levels

The immediate resistance is seen at 120.36 (hourly 50-MA), above which gains could be extended to 120.88 (200-DMA). On the other side, support is seen at 120.00 and 119.22 (Sep 24 low).

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