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28 Jan 2015
USD/JPY extends consolidation below 118.00
FXStreet (Córdoba) - USD/JPY is going through a consolidation phase below 118.00 as investors remain sidelined heading into the Federal Reserve monetary policy decision.
The FOMC concludes a 2-day meeting and will publish a statement at 19:00 GMT. While no changes are expected, main focus will be on the tone of the statement, to see if the ban remains “patient” when it comes to hiking rates.
As for USD/JPY, in the absence of economic news, the pair is likely to extend its sideways phase until the FOMC. At time of writing, the dollar-yen pair is trading at 117.80, virtually unchanged on the day.
USD/JPY levels to watch
USD/JPY has been repeatedly failing to break above the upper 118’s area, which stands as immediate resistance, followed by 119.00 (psychological level). On the other hand, supports are seen at 117.25 (Jan 26 low) and 117.00 (psychological level).
The FOMC concludes a 2-day meeting and will publish a statement at 19:00 GMT. While no changes are expected, main focus will be on the tone of the statement, to see if the ban remains “patient” when it comes to hiking rates.
As for USD/JPY, in the absence of economic news, the pair is likely to extend its sideways phase until the FOMC. At time of writing, the dollar-yen pair is trading at 117.80, virtually unchanged on the day.
USD/JPY levels to watch
USD/JPY has been repeatedly failing to break above the upper 118’s area, which stands as immediate resistance, followed by 119.00 (psychological level). On the other hand, supports are seen at 117.25 (Jan 26 low) and 117.00 (psychological level).