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May 03 - 07:55 PM

USD/JPY - Consolidates; Traders Conserve Energy For Fed Event

By Krishna K  —  May 03 - 06:30 PM
  • USD/JPY consolidates in a contracting range; traders await Fed rate decision

  • Supported by elevated U.S. yields which hover near 3-year highs nL2N2WV124

  • Fed expected to raise rates 50bps & reveal its balance sheet plan Wednesday

  • 50bps hike priced in, all eyes on Fed's guidance as to future policy path

  • Fed-BOJ monetary policy divergence will continue to undermine JPY

  • Higher highs and lower lows form, a precursor for a strong directional move

  • Support 129.75-80, 129.30-40, resistance 130.45-50, 130.80-85

  • For more click on FXBUZ

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Refinitiv IFR Research/Market Commentary


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