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18 Mar 2015
USD/JPY attempts a bounce to 121.50
FXStreet (Mumbai) - USD/JPY remains subdued in the late-Asian session, glued above 121 barrier, as the USD bulls seems relaxed and awaited fresh impetus from the upcoming Fed decision to push the pair to new cycle highs.
USD/JPY stuck around 5-DMA
Currently, the USD/JPY traded unchanged at 121.37, failing several attempts to breach daily highs at 121.39. The yen trades lack lustre versus its US counterpart, extending its range bound movement for the sixth straight session on the back of the looming Federal Reserve Meeting later in the day.
The FOMC meeting starts concludes its two-day meet today and the central bank is expected to remove the "patient" language from its statement and hint at its next steps. The meeting is expected to cause massive volatility and big movements, so USD/JPY is likely to be on standby mode along with the traders until the statement is released.
USD/JPY Technical Levels
To the upside, the next resistance is located at 121.53 (March 17 High)) levels and above which it could extend gains 122.03 (March 10 High) levels. To the downside immediate support might be located at 121 levels, below that at 120.49 (20-DMA) levels.
USD/JPY stuck around 5-DMA
Currently, the USD/JPY traded unchanged at 121.37, failing several attempts to breach daily highs at 121.39. The yen trades lack lustre versus its US counterpart, extending its range bound movement for the sixth straight session on the back of the looming Federal Reserve Meeting later in the day.
The FOMC meeting starts concludes its two-day meet today and the central bank is expected to remove the "patient" language from its statement and hint at its next steps. The meeting is expected to cause massive volatility and big movements, so USD/JPY is likely to be on standby mode along with the traders until the statement is released.
USD/JPY Technical Levels
To the upside, the next resistance is located at 121.53 (March 17 High)) levels and above which it could extend gains 122.03 (March 10 High) levels. To the downside immediate support might be located at 121 levels, below that at 120.49 (20-DMA) levels.