The USD/JPY pair looks to build on the previous day’s bounce from sub-159.00 levels, or a one-week low, and climbs back closer to the overnight swing high during the first half of the European session on Wednesday.

UOB’s strategists Quek Ser Leang and Lee Sue Ann note USD/JPY remains range-bound despite a brief dip to 158.93 and rebound to 159.78, closing near 159.61.

Little change, as prices extend cautious trade around congestion support at 1.1700

Short-term forecast for oil, gold, and euro-dollar today. Gold has turned bearish in the short term.

The single European currency is held in a very narrow trading range for the fifth consecutive day in anticipation of the crucial Fed meeting tonight and tomorrow’s European Central Bank where interest rate levels will be decided.

DXY holds near 98.70 on Iran tensions and inflation surge. Will EUR/USD and GBP/USD break key levels or lose momentum ahead of Fed signals?

The US Dollar (USD) posts moderate gains against a basket of majors for the second consecutive day on Wednesday and remains close to two-week highs in the area of $99.00.

U.S. Dollar Index holds between key moving averages as traders await the Fed decision, with volatility likely as policy signals drive the next DXY breakout.

Aussie is rallying in the final stages of its impulse pattern that began April 2025. Several wave relationship targets appear between .7250 – .7370. According to the Elliott wave model we are following, once the final price is in place, AUD/USD would decline in a correction back to 0.69.

The USD/CAD pair is trading near a major trendline ahead of the BoC and FOMC decisions later today. No change is expected for both central banks but there’s a risk of a more hawkish leaning for the Fed.