USD/JPY surges to 114.00 amid Abe’s victory

As the FOMC Meeting did not bring any unexpected news, the surge of the rate was limited. In other words, the pair once was stopped by resistance barrier at the 114.24 level.

The fully-fledged rebound did not happen as well, as the 55-, 100- and 200-hour SMAs together with the weekly PP formed a strong support level. As a result, the pair found itself in a limbo between the 114.24 and 113.74 marks.

Until the new Fed Chair announcement, the pair is expected to continue to move horizontally. If President Trump chooses Professor Taylor, bulls might try to elevate the rate not only to the weekly R1 at 114.34 but also to the July 2017 maximum at 144.50. If President Trump nominates Governor Powell, bears are likely to drag it down towards the monthly PP at 113.25.

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