USD/JPY Current price: 108.57
- The USD/JPY pair continues to lack directional strength.
- Risk-related trading on pause ahead of Fed's decision, Tories vote.
The USD/JPY pair held within familiar levels around 108.60 this Monday, unable to attract investors and confined to a 20 pips' range. US government bond yields ticked lower although the decline was irrelevant, with the benchmark yield for the 10-year Treasury note finishing the day around 2.08%. Stocks worldwide struggled for direction, finishing the day not far from their opening levels, amid the absence of a catalyst and the usual wait-and-see stance ahead of the Fed's monetary policy decision later this week. In the data front, Japan didn't release relevant data at the beginning of the week and has nothing scheduled for this Tuesday.
From a technical point of view, the pair continues in consolidative mode, hovering around the 38.2% retracement of the 109.92/107.81 slide, unable to settle above the level. In the 4 hours chart, technical readings offer a neutral stance, with the price trapped between moving averages, holding above a flat 20 SMA but below a bearish 100 SMA. Technical indicators in the mentioned chart hold right above their mid-lines, lacking directional strength.
Support levels: 108.30 108.05 107.85
Resistance levels: 108.90 109.20 109.50
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.