USD/JPY moves sideways amid cautious mood

The USD/JPY pair traded sideways in the 147.70-147.85 area during the early European session on Wednesday. At the time of writing, the major pair is trading at 147.83, down 0.01% on the day. Markets turned cautious ahead of the Federal Reserve's (Fed) key interest rate decision on Wednesday during the North American trading session.


Market participants will be watching the Fed's highly anticipated meeting decision on Wednesday. While BoJ will announce its monetary policy decision on Friday. Traders will take cues from these events and look for trading opportunities around the USD/JPY pair.