USD/JPY hovers near 3-week lows ahead of FOMC

USD/JPY has continued moving lower on Wednesday as the greenback underperforms amid markets fears of a Republican victory in US presidential elections.

USD/JPY los more than a hundred pips throughout the day and bottomed out at 103.08 before finding support and settling in a slim range as investors await the FOMC decision due at 18:00 GMT. At time of writing, USD/JPY is trading at 103.29, down % on the day.

On Tuesday, the BoJ decided to leave policy unchanged as expected although it pushed away the expected time when inflation will reach the bank’s target of 2%.

USD/JPY technical levels

In terms of technical levels, next supports are seen at 103.08 (Nov 2 low), 102.83 (100-day SMA) and 101.55 (Oct 4 low). On the other hand, resistances line up at 104.28 (10-day SMA), 105.10 (Nov 1 high) and 105.50 (Oct 28 high).