USDJPY remains weak ahead of rate decision
The US dollar currency remains weak against the Japanese yen ahead of the Federal Open Market Committee interest rate decision and policy statement later today. The USDJPY is holding below key trendline support, although sellers have to break the important 112.20 technical region. Technical indicators for the USDJPY pair are moving into oversold territory across the lower time frames, although price-action is still bearish.
The USDJPY pair is strongly bearish while trading below the 112.45 level, key technical support is found at the 112.20 and 111.30 levels.
If USDJPY buyers move price above trendline resistance, a corrective rally towards the 112.80 and 113.20 levels remains possible.