USD/JPY Directionless Around 111.00

USD/JPY Directionless Around 111.00

USD/JPY continues to trade directionless around the 111.00 level, unable to set short-term direction as investors remain sidelined ahead of the Fed and the BoJ monetary policy decisions to be announced over the next hours.

USD/JPY attempted to consolidate modest gains during the European session but it was rejected from the 111.38 area and pulled back. At time of writing, the pair is trading at 111.15, 0.13% below its opening price.

On the data front, US pending home sales data will be released during the American morning along with the Government oil inventories report, but main attention remains on upcoming central banks’ announcements.

USD/JPY technical levels

In terms of technical levels, next resistances could be found at 111.71 (50-day SMA), 111.87 (Apr 25 high), 112.57 (Apr 1 high) and 113.79 (Mar 29 high). On the downside, immediate supports are seen at 110.65 (Apr 26 low), 109.91 (20-day SMA) and 109.25 (Apr 22 low).