Fundamental Overview
We haven’t got much action in the US Dollar following the FOMC Policy Decision as the central bank kept everything unchanged and Fed Chair Powell maintained a neutral stance as expected. He did sound optimistic which could see some weakness in the greenback but overall, they are waiting for more progress on inflation and more clarity on Trump’s policies.
On the JPY side, as a reminder, the BoJ hiked interest rates by 25 bps as widely expected at the last meeting but didn’t offer much in terms of forward guidance which capped the JPY gains as the market already expected a hike and then another some time in the second half of this year. The yen continues to be driven more by the bouts of risk off sentiment and falling Treasury yields.
USDJPY Technical Analysis – Daily Timeframe
On the daily chart, we can see that USDJPY is consolidating around the major trendline with the sellers being in control for now. The buyers will likely step in around these levels to position for a rally into the 160.00 handle. The sellers, on the other hand, will pile in with a defined risk above the trendline to target a drop into the 149.00 handle next.
USDJPY Technical Analysis – 4 hour Timeframe
On the 4 hour chart, we can see that the price continues to break below the 154.80 support zone with the sellers adding to their bearish bets. The buyers will want to see the price rising back above the 155.00 handle to regain some conviction, while the sellers will keep on piling in here with a defined risk above the zone to target new lows.
USDJPY Technical Analysis – 1 hour Timeframe
On the 1 hour chart, there’s not much we can add here as the buyers will look for a rally back above the 155.00 handle, while the sellers will keep control below the level and target new lows. The red lines define the average daily range for today.
Upcoming Catalysts
Today we get the US Q4 GDP report and the latest US Jobless Claims figures. Tomorrow, we conclude the week with the Tokyo CPI, the US PCE and the US Employment Cost Index.
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This article was written by Giuseppe Dellamotta at www.forexlive.com. Read More Details
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