The USD/JPY has risen about 30 pips this Wednesday, from the intraday low at the end of the Asian session at 113.62 to the new seven-day high reached at the US open at 113.90.
The pair, which keeps trading laterally at a narrow trading range between 113.00 and 113.95 since last December 7, is awaiting the FOMC announcement this afternoon / evening to take a direction and break the range.
An optimistic Federal Reserve could act as a catalyst and propel the dollar higher against the yen, while a pessimistic statement could have the opposite effect.
USD/JPY Niveles
With the pair trading at time of writing above 113.84, gaining 0.09% on the day, the next bullish barrier is in the region. 114.00. A clear break above could lead towards resistance 115.52, ceiling of November 24 and the highest level seen since January 2017.
On the downside, a break in the region 113.00 could lead to the bracket located on 112.53/56, soil of November 30 and December 3, respectively. Below, the target will be at 112.15, ground of October 11.
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