The morning forecast range for USD/JPY is 156.800–158.600 yen, with the pair expected to test a rise toward ¥158. Ahead of the FOMC announcement during New York trading hours, the market is expected to assess developments for clues on the next rate hike.
Looking back at the previous day, USD/JPY rose approximately 0.3% on a closing-price basis, with yen selling and dollar buying prevailing against the backdrop of a rebound in Tokyo equities. In overseas markets, renewed buying of AI-related stocks and stronger-than-expected results for the US October consumer confidence index and September new home sales supported dollar buying, lifting USD/JPY to around ¥157.98 before it closed near its high.
The forecast range for USD/JPY this morning is 156.800–158.600 yen, and trading today is expected to develop around this range. Ahead of the FOMC, the focus is on whether any clues will emerge regarding the next rate hike.
During New York trading hours today, the US Federal Open Market Committee (FOMC) is expected to announce its policy rate, and market reaction to expectations of a rate hike will be watched closely. The market is currently said to be pricing in just under a 90% chance of a rate hike at the December FOMC meeting, making any indication regarding the next rate hike in the statement or at Fed Chair Worsh's press conference a key focus.
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