USD/JPY resumes losses ahead of Powell's testimony

USD/JPY tilted lower in Asian trade amid a lack of data from Japan due to a national holiday and ahead of US data and Fed Chair Powell's testimony ahead of Congress. 

As of 06:56 GMT, USD/JPY fell 0.11% to 104.54, with an intraday low at 104.46. 

From the US, the Richmond manufacturing index is expected down to 12 from 18 in August, while existing home sales are expected up 2.4%, slowing down from 24.7% in July. 

Fed Chair Jerome Powell will do the first part of his Congressional testimony tomorrow with the second part due on Thursday on the economic impact of the coronavirus pandemic. 

The US Federal Reserve held the interest rate between zero and 0.25%, and signaled that it plans to keep near zero at least until the end of 2023.

The central bank raised its estimates for the GDP in 2020, and lowered its forecasts for the unemployment rate to 7.6% due to the rapid recovery of the economy during this summer.

Federal Reserve Chairman Jerome Powell confirmed the bank’s ability to support the US economy to return to its growth path, adding that Fed remains committed to using full range of tools.