Ahead of the FOMC Minutes, Will the Dollar-Yen Pair Hold Steady Around 162 Yen?

Ahead of the FOMC Minutes, Will the Dollar-Yen Pair Hold Steady Around 162 Yen?

08.07.2026 New

In the U.S. currency market the previous day, the U.S. trade deficit for May widened to $77.6 billion from the previous month. The widening of the trade deficit, driven by rising imports, highlighted the resilience of the U.S. economy and the headwinds from external demand.On the other hand, the U.S. dollar held steady against the yen, supported by expectations that U.S. interest rates would remain high and a wait-and-see attitude ahead of the release of the FOMC minutes.The USD/JPY pair traded within a range of 161.68 to 162.18 yen in the Tokyo market and was in the upper 161.90 range as of 5:00 p.m.The focus now is on whether the pair can recover to around 162.00; resistance is likely around 162.50, while support is likely between 161.50 and 161.00.With U.S. May wholesale sales and the FOMC meeting minutes scheduled for today, we will be watching to see if the US dollar’s rebound continues.

Excessive concerns about the eurozone economy eased somewhat after Germany’s May industrial production rose 0.9% month-over-month, exceeding market expectations. However, the U.S. dollar’s rebound also weighed on the market, and the euro-dollar exchange rate traded with limited upside in the low 1.14 range.The EUR/USD pair traded within a range of 1.1427 to 1.1446 during the Tokyo session and stood in the mid-1.1420s as of 5:00 p.m.Resistance is likely to be seen around 1.1450, while support is expected between 1.1420 and 1.1400; the immediate focus will be on whether the pair can hold above the 1.1400 level.Although France’s May current account balance is scheduled for release today, major European economic data is limited, so we will be watching to see how the euro reacts against the dollar.

Today’s economic indicators include Japan’s June Business Survey at 14:00, France’s May current account balance at 15:45,the U.S. MBA Mortgage Applications Index at 20:00, U.S. May Wholesale Sales at 23:00, the FOMC Minutes at 27:00, and U.S. May Consumer Credit at 28:00.During New York trading hours in particular, U.S. wholesale sales and the FOMC minutes are likely to be key drivers, so we will carefully monitor the direction of the U.S. dollar, the yen, and the euro as they react to developments regarding U.S. interest rate outlooks.