USD/JPY creeps a little higher on the day

Once again, there’s not much in it as the pair continues to stay a little swingy awaiting the BOJ and Fed meetings tomorrow. But looking at price action, the near-term chart shows a push back above the 100-hour moving average (red line) for USD/JPY. That suggests the near-term bias to be more neutral currently.

The 155.00 level is still a big one to watch in limiting gains on the day, that especially with large expiries here.

But for now at least, the downside shove from last week is at least being controlled. That indicates a more pensive mood as traders will look to the BOJ and Fed decisions tomorrow for further clues on how to proceed.

This article was written by Justin Low at www.forexlive.com.