USD/JPY remains in consolidation as we await the FOMC

Currently, USD/JPY is trading at 115.24, up 0.22% on the day, having posted a daily high at 115.49 and low at 114.73.

USD/JPY is consolidating the highs and has dropped from them within a tight range between 114.70 vrs 116.16. There is a void in market data and events ahead of the FOMC tomorrow. The Fed are expected to hike and 100% of hat is priced in, but the key will be the in the press conference and statement to find out what the Fed really think about Trump and the outlook for 2017. There will undoubtedly be volatility over the event as markets try and ascertain where the Fed are on the dot plot, while currently, two rate hikes are expected.

USD/JPY levels

Current price is 115.24, with resistance ahead at 115.33 (Daily Classic PP), 115.49 (Daily High), 115.82 (Daily Classic R1), 116.12 (Weekly Classic R1) and 116.13 (Yesterday's High). Next support to the downside can be found at 115.24 (Monthly High), 115.24 (Weekly High), 115.24 (Hourly 20 EMA), 115.02 (Daily Open) and 114.85 (Yesterday's Low).