USD/JPY: stuck in a narrow range between key levels, awaiting FOMC minutes

Currently, USD/JPY is trading at 113.13, up 0.18% on the day, having posted a daily high at 113.25 and low at 112.78.

USD/JPY is trading in a 20 pip range in slow markets at the start of this week. North America are out on holiday today and there is a lack of impetus out there for the major. The yen started off with a slight but firmed up again as risk came back into play. 

Central Banks in focus - UOB

The FOMC minutes release is the highlight for the US this week, noted analysts at Brown Brothers Harriman, " After the Yellen's recent testimony and comments from various other officials, it the minutes is unlikely to add much to the already available information set. It may be interesting to see how the Fed's balance sheet was discussed and the preliminary thinking about fiscal policy initiatives."

USD/JPY levels

In respect of the levels, the pair is stuck between two breakout areas while between 115.62, 19th January high, and 111.50 and the 200 day smoothed sma. The 16-month resistance line is at 117.99 while the base of the cloud is located at 109.92.