The USD/JPY pair traded in a narrow range early Wednesday but it leans to the upside, as the US dollar is gaining momentum against most of its major counterparts which makes it hard for the Japanese yen to compete.
The greenback soared against the euro and other majors after the Fed’ FMOC minutes that showed discussions between the bank’s members regarding more easing.
Market confidence retreated once again after the FOMC minutes, the dollar gained against the majors along with the Japanese yen which consider the safe haven currencies.
On the other hand, the USD/JPY pair is expected to move in sideways due to the current pressure from the dollar’s strength along with the downside trend dominating on the pair.
Both economies will not release any data on Thursday, where the pair’s movements will depend on the current market sentiment and the volume will be low with limited movement with the absence of U.S. markets for Thanksgiving holiday which will increase the volatility.
Originally posted here
