USD/JPY awaits the FOMC
USD/JPY returned back to the 102.00 support after having peaked at 102.30 earlier in the session. The pair has been supported by a rise of the US Treasury yields, but came under bearish pressure following the release of the weak US current account figures.
The 102.00 mark remains resilient for now. Further dynamics of the pair for today will be defined by the expectations and outcome of the Federal Reserve policy meeting. Any signs of a slowdown in the US economic recovery will pull the currency down, while hints on a sooner-than-expected rate hike would be positive for the greenback. US dollar is remains under a slight selling pressure accross the board.
Break above the 102.30 resistance would open the way to 102.80. Daily close below the 102.00 mark could pull the pair down to 101.60 (200-day MA). Next important support is seen at 100.80 and 100.00.
Chart. H4 USD/JPY