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USD/JPY hit fresh multi-year highs above 107.50

FXStreet (Córdoba) - Greenback gained momentum across the board ahead of the FOMC statement and pushed USD/JPY to fresh 6-year highs. Price broke above 107.40 and climbed to 107.56, reaching the strongest level since September 2008.

The pair remained near daily highs as the US dollar hit fresh highs versus the aussie, the kiwi and the Swiss franc. Stocks in Wall Street were in positive territory.

Will USD/JPY hold after the FED?

The decision and the statement of the FED and also Yellen’s press conference are likely to impact on the USD/JPY. Analysts from TD Securities expect a constructive message and look for the “considerable time” reference to be removed from the policy statement, but they warn that a less-dovish FEd is somewhat discounted in the USD.

“This may limit how much the USD can gain and leave it vulnerable to profit-taking later—a classic-buy-the-rumour, sell-the-fact type reaction. In the event of a dovish surprise, pressure for a USD correction should manifest itself more quickly”, concluded analysts from TD Securities.

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NZD/USD drops to 0.8135

The kiwi is losing ground across the board on Wednesday ahead of the FOMC. NZD/USD dropped further during the first hours of the American session and bottomed at 0.8135, reaching a 2-day low.
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