USD/JPY Finds Support Near 110.25, Re-Takes 110.50The USD/JPY pair continues to move back and forth in a 25-pips narrow range so far this Wednesday, as JPY bulls continue the fight for control heading towards the FOMC minutes release.
USD/JPY eyes 5-DMA
The USD bulls took back control in the European trades, lifting USD/JPY from near 110.25 region, as higher European equities along with rocketing oil prices underpinned the sentiment around the risk currency USD. At the time of writing, USD/JPY trades 0.10% higher at 110.45, 110.30, while the USD index jumps 0.27% to 94.86, fast approaching 95 barrier.
Meanwhile, the moves in the USD/JPY pair remains restricted as markets refrain from placing big bets on the major ahead of the biggest market moving event of this week, March FOMC meeting minutes due for release later in the NY session.
USD/JPY Technical levels to watch
In terms of technicals, the immediate resistance is located at 111/111.08 (5-DMA). A break above the last, the major could test 111.50/53 (1h 100-SMA). While to the downside, the immediate support is seen at 110/109.95 (Apr 5 Low) and below that at 109.50 (Oct 2014 Levels).
(Market News Provided by FXstreet)