USDJPY SELLING STILL EXPECTED 108.98

The U.S dollar remains under selling pressure against the Japanese yen, with price-action tightly coiled in an increasingly narrow trading range. The USDJPY pair currently trades around the 108.70 technical level, with intraday sellers showing some caution ahead of today’s FOMC Policy Decision. Going forward, the pairs next directional move will likely be decided by the U.S dollar index, and the overall mood in the broader equity market.

• The USDJPY pair remains intraday bearish while trading below the 108.98 level, further declines towards 108.25 and 107.32 seems possible.

• Should the USDJPY pair start to gather bullish momentum above the 108.98 level, we may see buyers move price-action towards the 109.52 and 110.18 levels.