USD/JPY challenges 119.00 ahead of FOMC statement

By FXStreet FXStreet (Córdoba) – USD/JPY gathered upside momentum and rose to test the 119.00 area as the dollar staged a decent rally across the board ahead of the FOMC statement on monetary policy, due at 19:00 GMT.

US dollar reached fresh highs against the yen and reversed losses versus European peers during the New York session. USD/JPY climbed almost 100 pips over the last hours and peaked at 118.97 in recent dealings. The pair continues to trade just below the 119 mark ahead of the Fed decision, recording a 0.46% daily gain.

While the Fed is expected to remain on hold at this meeting, focus will be on the statement for clues on the future path of interest rates.

USD/JPY levels to watch

On the upside, if USD/JPY breaks above 119.00 (psychological level), next resistances are seen at 119.80 (50% Fibo of 123.66-115.96) and 120.57/61 (50- & 100-day SMAs). On the flip side, supports could be found at 117.90 (10-day SMA), 117.65 (Jan 26 low) and 117.00 (psychological level).

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Source:: FX Street