- USD/JPY edged lower in the early American session.
- US Dollar Index stays in the negative territory near 90.20.
- Wall Street's main indexes trade little changed on Tuesday.
The broad-based selling pressure surrounding the greenback in the early American session caused the USD/JPY pair to slide to a daily low of 103.56. Nevertheless, the pair didn't have a difficult time staging a rebound and was last seen posting small daily losses at 103.67.
DXY looks to close the day in the red
Wall Street's main indexes started in the positive territory and the S&P 500 Index touched a new all-time high of 3,870 after the opening bell. The risk-positive market environment triggered a USD selloff and dragged the US Dollar Index (DXY) to a session low of 90.11. As of writing, the DXY was consolidating its daily losses near 90.20, where it was down 0.2% on the day.
Meanwhile, the data from the US showed that the Conference Board's Consumer Confidence Index rose slightly to 89.3 in January from 87.1 in December. Ahead of the FOMC's January meeting, however, the market reaction to this data was largely muted.
Market participants don't expect the Fed to announce any changes to its policy but any hints regarding possible changes to the amount and duration of asset purchases could ramp up the volatility.
Fed Preview: Fearing market froth or boosting Biden's stimulus? Three scenarios.
During the Asian trading hours on Wednesday, the Coincident Index and the Leading Economic Index for November will be featured in the Japanese economic docket.
Technical levels to watch for
|Today last price||103.68|
|Today Daily Change||-0.08|
|Today Daily Change %||-0.08|
|Today daily open||103.76|
|Previous Daily High||103.94|
|Previous Daily Low||103.67|
|Previous Weekly High||104.09|
|Previous Weekly Low||103.33|
|Previous Monthly High||104.75|
|Previous Monthly Low||102.88|
|Daily Fibonacci 38.2%||103.77|
|Daily Fibonacci 61.8%||103.84|
|Daily Pivot Point S1||103.64|
|Daily Pivot Point S2||103.53|
|Daily Pivot Point S3||103.38|
|Daily Pivot Point R1||103.91|
|Daily Pivot Point R2||104.05|
|Daily Pivot Point R3||104.17|
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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.