USD/JPY steadies in the negative territory below 104.50
|- USD/JPY is posting modest daily losses on Wednesday.
- 10-year US Treasury bond yield is down more than 1%.
- US Dollar Index stays near 92.00 ahead of FOMC Minutes.
The USD/JPY pair stayed relatively quiet around 104.50 for the majority of the day and edged modestly lower during the American trading hours. As of writing, the pair was down 0.06% on the day at 104.35.
USD struggles to find demand on Wednesday
Following the mixed macroeconomic data releases from the US, the US Dollar Index (DXY) edges lower in the late American session and was last seen 0.26% at 91.97.
The US Bureau of Economic Analysis monthly reports showed that the economic activity in the US expanded by 33.1% on a yearly basis in the third quarter and Personal Spending increased by 0.5%. Other data revealed that the University of Michigan's Consumer Sentiment Index declined to 76.9 (final) in November from 81.8 in October, New Home Sales declined by 0.3% and Initial Jobless Claims rose by 30,000 to 778,000.
Meanwhile, the 10-year US Treasury bond is currently losing 1% on the day, making it difficult for the positively-correlated USD/JPY to return into the positive territory.
Later in the session, the FOMC will publish the minutes of its November meeting. The statement is unlikely to provide any fresh clues regarding the policy outlook and it would be surprising to see USD/JPY break out of its daily range given the thin trading conditions ahead of the Thanksgiving Day holiday.
Technical levels to watch for
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