USDJPY Analysis: Support at 112.90/112.50, resistance at 113.77/114.00

NZD/USD is seen oscillating in a narrow band during the Asian session on Wednesday as traders opt to wait on the sidelines ahead of the RBNZ policy update amid bets for a pause in interest rates. Meanwhile, the focus will be on the accompanying statement, which will be looked for clues for the rate path projections. This, in turn, should provide some meaningful impetus to the New Zealand Dollar and the currency pair ahead of the FOMC Minutes, due later today.

AUD/USD struggles to capitalize on the previous day's bounce from over a one-week low as traders await more cues about the US Fed's rate-cut path before placing fresh directional bets. Hence, the focus will be on the FOMC Minutes, due for release later today, which will drive the US Dollar and the currency pair. In the meantime, the RBA's hawkish stance and a generally positive risk tone might continue to act as a tailwind for the Aussie amid hopes for additional stimulus from China.

Gold is consolidating just above the $4,850 level, having touched a one-week low on Tuesday, amid mixed cues. Signs of progress in US–Iran talks dent demand for the traditional safe-haven bullion. Meanwhile, rising bets for more Fed rate cuts keep the US Dollar bulls on the defensive and act as a tailwind for the non-yielding yellow metal. Traders also seem reluctant ahead of the FOMC Minutes, which would offer cues about the Fed's rate-cut path and provide some meaningful impetus.

The Reserve Bank of New Zealand remains on track to maintain the Official Cash Rate at 2.25% after concluding its first monetary policy meeting of this year on Wednesday.

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months. 

The United States (US) released the four-week average of the ADP Employment Change, which showed the private sector added 10.3 K jobs, beating the previous week 7.8K.