The US dollar is trapped in a limited trading range against the Japanese yen currecy as traders remain cautious ahea dof today’s FOMC rate decision. Buyers will be looking to target the 109.00 level, while sellers will be looking a for a clean break of the 107.70 support level. The USDJPY pair is likely to move on the FOMC monetary policy statement, rather than actual interest rate decision.
The USDJPY pair is only bearish while trading below the 108.00 level, key support remains at the 107.70 and 106.80 levels.
If the USDJPY pair trades above the 108.60 level, key technical resistance remains at the 108.80 and 109.00 levels.