The US dollar continues to trade towards the best levels of the month against the Japanese yen currency, ahead of today’s FOMC interest rate decision. The bullish scenario should take the USDJPY pair towards the 108.80 level, while a bearish reversal could extend towards the 107.30 support region. Overall, the USDJPY pair is likely to become increasingly volatile as the Bank of Japan is also deciding on interest rates on Thursday.
The USDJPY pair is bullish while trading above the 107.70 level, key resistance is found at the 108.80 and 109.30 levels.
The USDJPY pair is only bearish while trading below the 107.70 level, key technical support is found at the 107.30 and 106.90 levels.