On Wednesday, the USD/JPY was trading between the 200-hour and the 55-hour simple moving averages at the 108.84 mark. Meanwhile, the 55-hour simple moving average was supporting the rate to remain the rate at the 108.50 level during the previous trading day.
It is expected that the US Dollar will depreciate against the Japanese Yen to trade near the 38.20% Fibonacci retracement level at the 108.43 mark.
However, the situation might change during today’s US FOMC Meeting Minutes at 19:00 GMT which could push the US Dollar to appreciate against the Japanese Yen to the 109.50 level.
