AUD/USD tests 0.72 ahead of CPI and FOMC. AUD/JPY eyes 115 while GBP/AUD remains bearish near key support levels.

USD/JPY traded in a tight 80-pip range on Tuesday, closing near 159.62 after the session touched a low of 158.96 in early Asia and a high of 159.79 late in the New York session.

Cautious trade beneath strong resistance at the 0.7200 Fibonacci retracement is giving way to a drift lower

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USD/JPY trades around 159.50 on Tuesday, up modestly by 0.07% on the day, after briefly falling below the 159.00 level following the Bank of Japan’s (BoJ) policy decision.

NZD/USD trades around 0.5890 on Tuesday, down 0.35% on the day, after failing to hold above the 0.5900 level. The pair moves lower as the US Dollar (USD) strengthens, supported by increased demand for safe-haven assets.

The EURUSD price rose during its recent intraday trading, due to the stability of the support level at 1.1690, gaining some bullish momentum that helped it to achieve these gains, with the emergence of positive signals from the relative strength indicators, after reaching oversold levels, however the pair still under negative pressure due to its trading below EMA50, reducing the recovery chances in the upcoming near period, especially with the dominance of bearish corrective wave on short-term basis, and its trading alongside supportive trend line for this path.

USD/CAD climbed 0.33% on Tuesday, settling close to 1.3670 after a steady grind higher off Monday’s intraday low near 1.3600.

The Euro (EUR) trims a part of its intraday losses against the US Dollar (USD) on Tuesday as the Greenback loses momentum, with traders repositioning ahead of the Federal Reserve’s interest rate decision due on Wednesday while continuing to monitor developments in the Middle East.

MUFG’s Lee Hardman argues that the recent Japanese Yen (JPY) rebound against the US Dollar (USD) is unlikely to last, as USD/JPY remains in a broader bearish Yen trend since the Middle East conflict began.