USD/JPY hovering over 95.00

FXstreet.com (Córdoba) - The USD/JPY trades a tad lower on the day, hovering barely above the 95.00 mark as investors remain sidelined ahead of the Fed announcement.

USD/JPY remains rangebound

After being rejected once again by the 95.70 zone, USD/JPY came under pressure and briefly dipped below the 95.00 mark to hit a low of 94.82. Despite this drop, the USD remains broadly steady trading inside its recent range as markets await the FOMC decision on monetary policy.

At time of writing, USD/JPY is trading at the 95.00/10 area, where it is 0.3% below its opening price. From a technical view, "The recent bounce to 95.73 could be the end of the consolidation pattern above 93.75 and a break through 94.20 low will set the focus on 92.70-50 support area", says Stoyan Mihaylov, analyst at DeltaStock.com.