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Forex pairs in this Article » USD/JPY (New York) - The USD/JPY foreign exchange rate fell lower off the 100.45 handle Wednesday, as the USD is under siege across the board ahead of the FOMC later today.

At the time of writing, the USD/JPY is now trading at 100.26, now incurring a staunch decline of -0.89% during US trading. The technical analyst team at points to the next short-term supports at 99.95, ahead of 99.50, and finally 99.30.

USD/JPY strategic bias

According to Karen Jones, an analyst at Commerzbank, “The USD/JPY continues to sit just below the 78.6% retracement at 101.60 and previous uptrend at 101.87 – this chart remains uninspiring on the topside. The large divergence of the 240-minute RSI does not bode well and we suspect the market may well fail here. This is the break point for the 103.74 high.”
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