USD/JPY Current price: 111.35
The USD/JPY pair trades marginally lower daily basis, but holding above the 111.00 level, in which seems to be a downward corrective movement according to technical readings. Not only the Fed will have its monetary policy today, but also the BOJ, which will unveil its latest decision early Thursday Asian session. Nevertheless, the BOJ is not expected to announce changes to its current policy, with all expectations centered on Yellen & Co. The market will be closely watching the press conference and the dot-plot, looking for clues on what next move will be. After rallying pretty much since early last week, the pair pared gains just shy of 112.00, mostly due to the cautious stance ahead of the US Central Bank meeting, as in the background, equities and yields kept rallying, with the logical pause today ahead of the event. The 4 hours chart shows that the 100 SMA is surpassing the 200 SMA, both far below the current level, whilst technical indicators neared neutral territory before losing directional strength. The 23.6% retracement of its latest daily advance comes at 110.82, the level to watch on Fed, as a break below it will likely favor a downward continuation for the following sessions towards the 110.00 level, and even beyond.
Support levels: 111.10 110.80 110.50
Resistance levels: 111.60 112.00 112.45
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