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28 Jan 2015
USD/JPY wavers around 118, FOMC eyed
FXStreet (Mumbai) - USD/JPY edged higher in the Asian morning, reversing losses for the previous session as traders gear up for the conclusion of two-day US Fed policy meet later today.
Currently, the USD/JPY trades at 118.07 levels, up 0.19% on the day, retracing from day’s high posted at 118.26 earlier in the session. The pair is seen trading higher this morning, continuing its side-trend as traders now focus on US FOMC statement for further hints on the timing of rate lift-off. The US dollar rebounded versus the yen after having fallen in the previous session on disappointing US macro data.
The pair is expected to remain supported as long as it trades above hourly 200-SMA located at 117.82 levels.
USD/JPY Technical Levels
To the upside, the next resistance is located at 118.50 levels and above which it could extend gains 118.81 levels. To the downside immediate support might be located at 117.34 levels, below that at 117 levels.
Currently, the USD/JPY trades at 118.07 levels, up 0.19% on the day, retracing from day’s high posted at 118.26 earlier in the session. The pair is seen trading higher this morning, continuing its side-trend as traders now focus on US FOMC statement for further hints on the timing of rate lift-off. The US dollar rebounded versus the yen after having fallen in the previous session on disappointing US macro data.
The pair is expected to remain supported as long as it trades above hourly 200-SMA located at 117.82 levels.
USD/JPY Technical Levels
To the upside, the next resistance is located at 118.50 levels and above which it could extend gains 118.81 levels. To the downside immediate support might be located at 117.34 levels, below that at 117 levels.