FXStreet (Edinburgh) – The greenback is mostly flat at the beginning of the week, now taking USD/JPY to a consolidative pattern around the mid-123.00s so far.
USD/JPY focus on FOMC, BoJ
The pair keeps alive the range following the recent cycle highs around 125.80 and the mid-122.00s following Governor H.Kuroda’s comments last week. Nothing scheduled in Japan today while Industrial Production, Capacity Utilization and the NAHB index will be published in the US economy.
However, the pair is expected to trade within the current range at least until the upcoming FOMC meeting on Wednesday and the BoJ gathering on Friday, which could be the main catalysts for the pair’s price action in the near term.
USD/JPY key levels
As of writing the pair is advancing 0.11% at 123.51 with the next hurdle at 123.82 (high Jun.15) ahead of 124.16 (Tenkan Sen) and then 124.19 (high Jun.19). On the other hand, a breakdown of 123.10 (low Jun.15) would expose 123.00 (psychological level) and finally 122.87 (76.4% of 122.46-124.19).
(Market News Provided by FXstreet)