The Dollar/Yen ranges around the 112.40 support level in anticipation of today’s FOMC meeting. On Tuesday, the pair did not move significantly as global stocks were unchanged and investors hold off their bets until after today’s FOMC meeting. A dovish statement from Fed Powell is currently being expected by most investors, and the confirmation of such scenario will send the Dollar/Yen lower below the 112.40 support level.
Prices are currently fluctuating around the 112.40 support level as investors await Fed Powell's FOMC speech. Most investors and analysts are expecting a dovish statement, and the occurrence of such event will most likely cause the pair to break below the 112.18 support, signaling a drop towards the 111.75 level.
Support: 112.18/ 111.75
Resistance: 113.00 / 113.50