USD/JPY back to square one, FOMC minutes eyed

The US dollar managed to recover some ground versus most competitors on Wednesday, although it quickly surrendered ground against the Japanese yen and is back to square one ahead of the FOMC minutes.

USD/JPY pulled back from a daily high of 101.15 and fell nearly a hundred pips before finding support at the 100.15 area. The pair was last trading at 100.23, virtually unchanged since opening.

The US dollar got support from hawkish comments from Fed members, Dudley and Lockhart, as both said on Tuesday they expect another rate hike this year.

USD/JPY technical levels

In terms of technical levels, immediate supports could be found at 99.53 (Aug 16 low), 98.98 (Jun 24 low) and 98.00 (psychological level). On the flip side, resistances are seen at 101.33 (10-day SMA), 102.00 (psychological level) and 102.26 (Aug 12 high).