Forex● Neutral
Dollar Consolidates, USD/JPY Stalls at 162 Before FOMC
The dollar drifted Monday as the market marked time before the Fed's March meeting minutes. USD/JPY stalled near 162; USD/CAD hugged a 1.4140–1.4250 band. The release at 2 p.m. ET Wednesday may reset the tone.
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The dollar drifted through Monday's session, holding inside the ranges set after last week's volatile swings. Traders turned their attention to the Federal Reserve's March meeting minutes, due Wednesday.
USD/JPY consolidated near 162 after falling back from multi-year highs. The pair printed a Piercing Line candlestick pattern on the daily chart, a setup that often signals a short-term bottom after a pullback. A retest of the 162.60–162.90 zone is possible if the dollar holds above 160.50, a level that capped the downside in recent sessions. The wide U.S.-Japan rate spread pressures the yen. Japanese intervention risk caps the dollar's upside above 163.