USD/JPY technical analysis: Greenback is challenging Tuesday's highs ahead of the FOMC Minutes

USD/JPY is trading at daily highs challenging the 107.40 resistance.
The FOMC Minutes are scheduled at 18:00 GMT; the news can lead to some volatility in USD-related currency pairs.

Flavio Tosti Independent Analyst

USD/JPY daily chart

USD/JPY is trading in a bear trend below the 100 and 200-day simple moving averages (DSMAs). However, the market is trying to find some support near the 50 SMA at the 106.90 level. The FOMC Minutes are scheduled at 18:00 GMT. The news can lead to some volatility in USD-related currency pairs.

USD/JPY four-hour chart

USD/JPY is challenging the 107.40 resistance and the 50 SMA on the four-hour chart. A break above the level can lead to the 107.70 resistance on the way up, according to the Technical Confluences Indicator.

USD/JPY 30-minute chart

The USD/JPY currency pair is trading above its main SMAs, suggesting bullish momentum in the near term. Immediate supports are seen at the 107.20 and 107.00 price levels, according to the Technical Confluences Indicator.

Additional key levels

USD/JPY

Overview
Today last price	107.36
Today Daily Change	0.28
Today Daily Change %	0.26
Today daily open	107.08

Trends
Daily SMA20	107.68
Daily SMA50	106.93
Daily SMA100	107.64
Daily SMA200	109.08

Levels
Previous Daily High	107.45
Previous Daily Low	106.8
Previous Weekly High	108.48
Previous Weekly Low	106.48
Previous Monthly High	108.48
Previous Monthly Low	105.74
Daily Fibonacci 38.2%	107.05
Daily Fibonacci 61.8%	107.2
Daily Pivot Point S1	106.78
Daily Pivot Point S2	106.47
Daily Pivot Point S3	106.13
Daily Pivot Point R1	107.42
Daily Pivot Point R2	107.75
Daily Pivot Point R3	108.06

Author

Flavio Tosti

Independent Analyst

EUR/USD keeps the offered stance just above 1.1700

EUR/USD is coming under heavy selling pressure in what has been a rather grim start to the new trading week, with the pair now trading close to the 1.1700 support area as the US Dollar stages a solid rebound. The prevailing flight to safety mood continues to favour the Greenback, as investors react to the escalating conflict in the Middle East and trim risk exposure across the board.

GBP/USD hits new yearly lows near 1.3300

GBP/USD adds to the recent bearish tone, approaching to the key 1.3300 support to reach fresh YTD troughs against the backdrop of the robust performance of the US Dollar. Indeed, Cable’s decline comes amid the firm demand for the safe-haven space in the wake of the US and Israel attacks to Iran.

Gold trims losses, back below $5,400

Gold now surrenders part of the earlier advance past the $5,400 mark per troy ounce at the beginning of the week. Indeed, the precious metal’s strong uptick remains fuelled by increasing geopolitical tensions in the Middle East amid the intense demand for safer assets.