USD/JPY creeping higher and laying out 107.20 support

FXStreet (Guatemala) - USD/JPY is trading at 107.25, up 0.12% on the day, having posted a daily high at 107.28 and low at 107.09.

USD/JPY is creeping higher, through 107.20 resistance and has shrugged off the downside pressure felt overnight, moving into positive territory again with conviction ahead of what will be an action packed day in the US with plenty to pay attention to. The market will first be looking towards the CPI for August on the calendar for the US as the main event ahead of the FOMC. CPI is expected to remain on target of 1.9% year on year. The Fed decision will be followed by a series of key events within the FOMC including a press conference with Fed Chair, Yellen. The language of the statement is going to be keenly watched as for any changes made to their current stance where the fed’s funding rates are appropriately placed and are likely to remain so being for considerable time after the asset purchase programme ends.

USD/JPY support and resistance levels

Support levels: 106.80 106.50 106.10

Resistance levels: 107.40 107.90 108.20