- USD/JPY is trading at daily highs above the 107.40 resistance.
- The FOMC Minutes as Fed's Powell reiterated what most investors already knew.
USD/JPY daily chart
The USD/JPY exchange rate is trading in a bear trend below its 100 and 200-day simple moving averages (DSMAs). However, the spot is attempting to find some support near the 50 SMA at the 106.90 level. The FOMC Minutes were a non-event with little market reaction. Chief’s Powell reiterated what most market players already know: “risks come from abroad, chances of a recession are limited and the economy overall is healthy.”
USD/JPY four-hour chart
USD/JPY is settling above the 107.40 resistance while challenging the 100 SMA on the four-hour chart. The market might try to reach 107.70 resistance on the way up, according to the Technical Confluences Indicator. A break of the level can expose 108.16 resistance if the bulls gather enough steam.
USD/JPY 30-minute chart
The USD/JPY currency pair is trading above the main SMAs, suggesting bullish momentum in the near term. Immediate supports are seen at the 107.40/20 support zone and 107.00 figure, according to the Technical Confluences Indicator.
Additional key levels
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