USD/JPY is trading nervously this morning, with uncertainty over the prospect of an FOMC rate hike. USD/JPY is expected to trade in a range of ¥153.500–¥154.900.
USD/JPY rose approximately 0.6% yesterday on a closing-price basis. Although the US 10-year Treasury yield rose above 5.00% at one point, the pair pared its gains and closed around ¥154.36. Expectations for a Federal Reserve rate hike are strong in the market, but the move has not yet been fully priced in ahead of the FOMC announcement.
USD/JPY is likely to continue trading without a clear direction today. While downside support in the low 153s is being reassessed, the area around ¥155 may act as resistance on the upside. Today’s range is expected to be ¥153.500–¥154.900, and some market participants believe it will be difficult to push the pair lower.
The chart update this morning includes multiple charts showing the latest USD/JPY market levels and movements, and directs readers to the full report, the “Gaitame.com Report.”
The latter part of the article includes an outlook for USD/JPY, guidance to related reports, and links to other market information on equities and foreign exchange.
Overall, the market is described as nervous and the short-term direction unclear as investors assess the FOMC’s rate decision and the market’s reaction.