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.