- Neutral stance in FOMC
- USD/JPY moving towards resistance level
Price Movement
Since Monday, USD/JPY moved down by around 55pips before moving back up by around 60pips.
Trend
USD/JPY is trending across.
Important Issue
This morning, the Federal Reserve kept U.S. interest rate unchanged at 2.5%.
During the press conference, Fed Chair Jerome Powell said that “We do think our policy stance is appropriate right now, we don’t see a strong case for moving in either direction”, lowering the possibility of rate cut as speculated by some for the time being.
Despite a below 2% overall inflation on a 12-month basis, Powell considers this situation to be temporary.
Technical
On Monday, USD/JPY tested and broke the support level of 111.700.
It is currently moving towards the resistance level of 111.700.
Price Levels
Current Price: 111.655
Next Resistance: 111.700
Next Support: 109.900