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USD/JPY works on 107.85 support pressured by FOMC expetcations

FXStreet (Moscow) - USD/JPY is testing 107.85 support, as the market is preparing for the FOMC meeting.

The pair came below 108.00 this morning, and the further direction may depend on too many factors this week, as there are quite a few first-tier reports scheduled for release. As the market starts to doubt the Fed intention for earlier rate hike, the key focus will be on FOMC meeting and its accompanying statement. Any hints the members prefer to shift to “wait-and-see” mode may pressure the USD again, and send much lower. The initial target to the downside may be located at 107.53, followed by 107.29, if broken.

What are today’s key USD/JPY levels?

Today's central pivot point can be found at 108.09; initial support levels at 107.85, 107.53 and 107.29 with resistance above at 108.40, 108.64 and 108.96. Hourly Moving Averages are bullish, with the 200SMA bullish at 107.02 and the daily 20EMA bullish at 107.52. Hourly RSI is bearish at 40.

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