USD/JPY Price Analysis: The USD has seen some mild weakness since the Fed announcement

The Fed keeps rates unchanged as expected.
In an initial reaction, the pair moved mildly higher but then resumed the pattern of selling.

Rajan Dhall, MSTA FX Daily

USD/JPY daily chart

As expected the Federal Reserve has kept rates unchanged but there has been a change to the language. They kept interest rates unchanged at 0.10% and reiterated they will be able to use more tools if needed.

Looking at the chart below, there has bearly been a move to the latest update from the Fed. The support level at 104.90 is holding but crucially this is under the 105 handle. The pair has been very bearish at the moment and this could be expected to continue but there are some upside risks are we have the press conference yet to come.

The indicators are now showing that they were already pretty bearish before the event. The Relative Strength Index was holding in a negative position in the oversold area. The MACD histogram is firmly in the red and the signal lines have been accelerating their move lower as the greenback had been losing value in recent weeks.

Additional levels

USD/JPY

Overview
Today last price	104.98
Today Daily Change	-0.12
Today Daily Change %	-0.11
Today daily open	105.1

Trends
Daily SMA20	106.96
Daily SMA50	107.36
Daily SMA100	107.57
Daily SMA200	108.31

Levels
Previous Daily High	105.69
Previous Daily Low	104.96
Previous Weekly High	107.54
Previous Weekly Low	105.68
Previous Monthly High	109.85
Previous Monthly Low	106.08
Daily Fibonacci 38.2%	105.24
Daily Fibonacci 61.8%	105.41
Daily Pivot Point S1	104.81
Daily Pivot Point S2	104.52
Daily Pivot Point S3	104.08
Daily Pivot Point R1	105.54
Daily Pivot Point R2	105.98
Daily Pivot Point R3	106.27

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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