- USD / JPY rises on Wednesday, recovering from a week’s lows.
- Market eyes awaiting the Federal Reserve decision.
The USD / JPY fell to 109.57 on Tuesday, the lowest level in a week. After this a recovery process began that lasted until the current European session, in which it reached 109.99. It is trading near the highs, and testing 110.00.
Tuesday’s drop came as stocks and Treasury yields fell back. On Wednesday, stocks in Europe are advancing 0.35% on average and US futures show slight increases. The better tone along with a modest advance in Treasury yields cThey contribute to the momentum of USD / JPY.
The focus of the day is on the meeting of the Federal Reserve. At 18:00 GMT the statement will be released and then at 18:30 Jerome Powell, the Fed chairman will give a press conference. Policy changes are not expected.
Analysts at TD Securities do not expect the Fed event to have a significant impact on the bond market, unless Powell suggests an imminent cut to the buying program.
Technical levels
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