Will the dollar-yen exchange rate hold steady in the 162-yen range following the release of the FOMC minutes?

Will the USD/JPY pair hold steady in the 162-yen range following the release of the FOMC minutes?

09.07.2026 New

In the U.S. currency market the previous day, crude oil prices rose amid renewed tensions in the Middle East, and concerns about a resurgence of inflation led to expectations that U.S. interest rates would remain elevated.The minutes of the Federal Open Market Committee (FOMC) meeting revealed concerns about inflation and support for rate hikes among some participants, causing the U.S. dollar to hold steady against the yen.The dollar-yen pair traded within a range of 162.08 to 162.46 yen in the Tokyo market, settling in the low 162.20 yen range as of 5:00 p.m.It has continued to trade in the 162-yen range since then, with resistance around 162.50 and support ranging from 162.00 to 161.50.Today, the U.S. is scheduled to release last week’s initial jobless claims and June existing home sales figures; we will be watching to see if the U.S. dollar’s resilience continues.

European currencies were weighed down by the strengthening U.S. dollar, but ahead of the release of the minutes from the European Central Bank (ECB) Governing Council meeting, market participants were focused on confirming the policy decisions made at the previous meeting and the ECB’s future policy stance.The euro-dollar pair traded within a range of 1.1400 to 1.1431 in the Tokyo session and stood in the mid-1.1420s as of 5:00 p.m.Currently, the pair is testing for direction in the low 1.14 range, with resistance near 1.1450 and support between 1.1400 and 1.1380.With Germany’s May trade balance and the ECB Governing Council meeting minutes scheduled for today, we will be watching to see if the euro can hold above the 1.1400 level.

Today’s key economic indicators include China’s June Producer Price Index (PPI) at 10:30, Germany’s May trade balance at 15:00, the minutes of the European Central Bank (ECB) Governing Council meeting at 20:30, Mexico’s June Consumer Price Index (CPI) at 21:00,U.S. initial jobless claims and continuing claims for the previous week at 21:30, and U.S. existing home sales for June at 23:00.In particular, during European trading hours, the ECB meeting minutes are likely to be a key driver, while during New York trading hours, U.S. employment and housing indicators are likely to be key drivers; we will carefully monitor the reactions of the U.S. dollar, the yen, and the euro.