USDJPY rises ahead of Fed policy meeting.
USDJPY rising today as the result of the strengthen dollar and weakening yen as the markets are waiting a U.S. Federal Reserve meeting for cues on its monetary policy outlook. The dollar is rising across the board after benchmark U.S. 10-year Treasury yield approached the 1.570% level. The yen – which is traditionally highly sensitive to the Treasury yield fluctuations is under the bearish pressure today. While no major policy changes are expected from the Fed’s two-day policy meeting ending on Wednesday, investors will pay close attention to Chairman Jerome Powell’s outlook on the economy. The Bank of Japan maintained its massive stimulus on Tuesday and projected inflation missing its 2% target for years to come – bearish signal for yen and bullish for USDJPY.
Except buyers on downward corrections.
Next resistance to watch – 108.80
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