The US dollar has given back its early-week gains against the Japanese yen currency, ahead of today’s FOMC interest rate decision. The USDJPY pair is likely to take its direction from the US dollar index, rather than the stock market if we see a major move in financial markets after the FOMC meeting. Lower time frame analysis highlights that a technical breakout should come once the 103.60 to 104.50 price range is broken.
The USDJPY pair is only bullish while trading above the 104.00 level, key resistance is found at the 104.50 and 105.50 levels.
The USDJPY pair is only bearish while trading below the 104.00 level, key support is found at the 103.60 and 102.50 levels.
