USDJPY BREAKOUT LOOMS AHEAD OF FED DECISION
The U.S dollar continues to consolidate above the 106.00 handle against the Japanese yen, with a technical breakout looming ahead of today’s Federal Reserve interest rate. The USDJPY pair is trading in tight price-range, with price-action now pulling back from the weekly price-high, found at the 106.61 level. A clear breach of the 106.80 resistance area should encourage further gains above the 107.00 level, whilst key weekly technical support is found at the 105.45 level.
The USDJPY pair remains bullish while trading above the 106.00 level, key upside resistance is now found at the 106.80 and 107.50 levels.
Should the USDJPY pair declines below the 106.00 support levels, key support is found at the 105.45, 105.22 and 104.60 levels.