Wednesday 15 June 2016

USD/JPY in anticipation of FOMC meeting


USD/JPY was quite hesitant yesterday. The pair tried to push lower, formed bottom at 105.62 but closed higher at 106.09. Currently the pair is staying above 106 mark and hit an intraday high at 106.41 earlier today. In the short term bulls may try to conquer 106.70 - 107.00 area. On the downside, key support is located at 106.00 - 105.50 levels.

More clear direction will be set later on today, as the market is anticipating Federal Open Market Committee meeting. Still the expectations are that the monetary policy will not be changed. Tomorrow the Bank of Japan will decide on monetary policy and what measures should be taken against the appreciating yen.

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