USD/JPY trades sideways around 147.70 ahead of Fed Powell’s speech at 16:35 GMT. The Fed reduced interest rates last week and signaled more cuts this year. The pair consolidates as investors await the speech from Federal Reserve (Fed) Chair Jerome Powell at 16:35 GMT. The Fed signaled through its dot plot that the Federal Fund Rate could decline to 3.6% by the year-end. Signs of price pressures accelerating would prompt expectations of more interest rate hikes by the Bank of Japan (BoJ).