The dollar moved higher versus the yen on Thursday, following the Fed statement, which didn't showed significant changes compared to previous one and was taken as if the bank remains on track to raise rates later this year.
However, USD/JPY failed to gather pace following the FOMC meeting, and extended its consolidation phase around the 118.00 mark, trading within the same familiar range where it has spent the last days, with the 20-day SMA acting as dynamic resistance.
USD/JPY pushed a tad higher during the European session and reached a daily high of 118.17 in recent dealings. At time of writing, the pair is trading at 118.10, recording a 0.49% gain on the day. From a wider view, USD/JPY seems to be going nowhere as every attempt at the upper 118’s zone is followed by a pullback to test the lower 117’s area.
USD/JPY levels to watch
USD/JPY immediate resistances are seen at 118.65 (Jan 27 high) and 118.85 (Jan 20 high), followed by 119.00 (psychological level). On the other hand, supports are seen at 117.25 (Jan 26 & 28 lows) and 117.00 (psychological level).
However, USD/JPY failed to gather pace following the FOMC meeting, and extended its consolidation phase around the 118.00 mark, trading within the same familiar range where it has spent the last days, with the 20-day SMA acting as dynamic resistance.
USD/JPY pushed a tad higher during the European session and reached a daily high of 118.17 in recent dealings. At time of writing, the pair is trading at 118.10, recording a 0.49% gain on the day. From a wider view, USD/JPY seems to be going nowhere as every attempt at the upper 118’s zone is followed by a pullback to test the lower 117’s area.
USD/JPY levels to watch
USD/JPY immediate resistances are seen at 118.65 (Jan 27 high) and 118.85 (Jan 20 high), followed by 119.00 (psychological level). On the other hand, supports are seen at 117.25 (Jan 26 & 28 lows) and 117.00 (psychological level).
