The Japanese yen continues to consolidate in the range of 110.84-111.74 during two days
The lack of clear trend in the US stock market before the Fed meeting restrains the growth of the yen.
Tomorrow, Japan will present important macroeconomic data. We are also waiting for the Bank of Japan's monetary policy intentions.
The household spending index is expected to decline by 0.3% in March. The National Core CPI is expected to decline by 0.2%. The retail sales are expected to decline by 1.5%. The unemployment rate is forecast unchanged, 3.3%. The industrial production is expected to grow by 2.9% in March. But do not forget about the February fall of 5.2%.
But it will be tomorrow. Today, the committee may convince investors that the regulator is not prepared to tighten the economy at this stage. However, despite the weak outlook for the US economy, Fed officials may declare its readiness for further tightening at the June meeting, but with the comments "in the case of the positive data".
How to trade
The short-term bullish movement is expected in the range of 117.76 - 112.30. The short-term downward movement is possible after the breakdown of 110.83. We would buy call options if the pair rises above 111.76. We would buy put options if the pair falls below 110.83.
Expiry time: 20:00 GMT