EUR/JPY Price Analysis: Extra gains in store near term.

EUR/JPY reclaims the area above the 143.00 mark.Further upside seems likely in the short term.EUR/JPY advances for the third session in a row to multi-day peaks north of the 143.00 mark on Wednesday.

The rebound appears strong and the continuation of this price action should target the 2023 high at 145.56 (March 2) ahead of a potential visit to the December 2022 peak at 146.72 (December 15).

In the meantime, extra losses remain on the cards while the cross trades below the 200-day SMA, today at 141.79.

EUR/USD clings to gains near 1.0800 ahead of Fed

EUR/USD is consolidating recent gains at around 1.0800 on Wednesday. The pair capitalizes on a subdued US Dollar on expectations for a less hawkish Fed outlook. The upside in EUR/USD, however, appears elusive, as traders await the Fed’s dot plot and Powell’s presser.

EUR/USD News

GBP/USD holds above 1.2250 as focus shifts to Fed

GBP/USD has retreated modestly after having advanced toward 1.2300 on the back of hot inflation figures from the UK in the European morning. Investors wait for the Fed to announce its policy decision and to release the revised Summary of Economic Projections.

GBP/USD News

Gold stabilizes at around $1,940 ahead of FOMC

Following Tuesday’s sharp decline, Gold price stays in a consolidation phase at around $1,940 on Wednesday. Ahead of the Fed’s highly-anticipated policy decisions, the benchmark 10-year US Treasury bond yield clings to modest gains near 3.6%, not allowing XAU/USD to gain traction.