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18 Mar 2015
USD/JPY stays dead flat ahead of the Fed
FXStreet (Mumbai) - The USD/JPY pair sees no movement as investors avoid taking a call ahead of the Fed policy statement due for release later today. The pair trades lackluster at 121.30.
Too many things to bet on
The bond yield sensitive USD/JPY is likely to stay flat as there are too many things to bet-on with regard to Fed policy – Whether the fed drops or retains the word “patient”, upward-downward revision of growth and inflation forecasts, the changes in the interest rate “dot chart”, is the Fed worried about the Strong USD.
Moreover, the experts say the Fed is unlikely to come-out ultra hawkish or ultra-dovish, thus making it all the more difficult for investors to bet on the direction of the Treasury yields and the USD/JPY pair. Consequently, the pair trades largely unchanged at 121.30 levels.
USD/JPY Technical Levels
The immediate resistance is seen at 121.50, above which the pair could rise to 122.00 levels. On the flip side, a break below 120.90 could drive the pari down to 120.50.120.40 levels.
Too many things to bet on
The bond yield sensitive USD/JPY is likely to stay flat as there are too many things to bet-on with regard to Fed policy – Whether the fed drops or retains the word “patient”, upward-downward revision of growth and inflation forecasts, the changes in the interest rate “dot chart”, is the Fed worried about the Strong USD.
Moreover, the experts say the Fed is unlikely to come-out ultra hawkish or ultra-dovish, thus making it all the more difficult for investors to bet on the direction of the Treasury yields and the USD/JPY pair. Consequently, the pair trades largely unchanged at 121.30 levels.
USD/JPY Technical Levels
The immediate resistance is seen at 121.50, above which the pair could rise to 122.00 levels. On the flip side, a break below 120.90 could drive the pari down to 120.50.120.40 levels.