The USD/JPY fell sharply, as the USD trades lower across the board and the JPY remains amid the best performers on Wednesday. Following an over 130-pip drop and having briefly dipped below the 100.00 mark, USD/JPY managed to find support and bounced slightly as investors await the FOMC minutes and the BoJ decision. At time of writing, USD/JPY is trading at the 100.20/25 zone, still down 0.9% on the day.
In terms of technical levels, on the downside next supports could be faced at 99.80 (daily low) and 99.50 (Jul 4 low), while resistances are seen at 100.75 (20- and 100-hour SMA crossover) and 101.00 (psychological level).