FxWirePro: US Oil extends gains for the 3rd straight session, refreshes 13-month highs at $65.02 as OPEC extends production cuts
FxWirePro: USD/JPY holds modest gains, US dollar slightly bid ahead of FOMC decision
USD/JPY chart - Trading View
USD/JPY was trading 0.11% higher on the day at 103.72 at around 04:50 GMT, upside however, lacks traction.
US dollar was holding modest gains amid tepid market mood as markets await FOMC interest rate decision.
Major trend in the pair is still bearish with no major signs of revival. FOMC is also unlikely to surprise the markets.
Bulls need to break stiff resistance at channel top and 5-EMA at 103.95 to suggest confirmed up-move in the pair.
On the flipside, the pair is holding support at 20-DMA at 103.59. Decisive break below will see downside resumption. Scopr then for test retest of monthly lows at 102.60.
Focus on US Durable Goods Orders, and the Federal Reserve monetary policy announcement for further impetus.