USD/JPY technical analysis: Greenback sidelined ahead of the FOMC

USD/JPY is trading in a 20-pip range ahead of the FOMC at 18:00 GMT.
The market is directionless ahead of the event, which should unlock the situation.

Flavio Tosti Independent Analyst

USD/JPY daily chart

USD/JPY is trading in a bear trend below the 200-day simple moving averages (SMA). However, in the last two months, USD/JPY had a substantial advance which is now challenging the 100 SMA and the 108.00 handle.

USD/JPY 4-hour chart

USD/JPY is trading above the main SMAs, suggesting a bullish bias in the medium term. The bull trend remains intact as bulls will try to push the spot beyond the 108.24 resistance level in order to potentially target the 109.00 resistance level, according to the Technical Confluences Indicator. However, the market is relatively balanced and the FOMC at 18:00 GMT will likely unlock the status quo.

USD/JPY 30-minute chart

Dollar/Yen is trading above the main SMAs, suggesting bullish momentum in the near term. If the FOMC is perceived as dovish, USD/JPY will likely trade south towards 108.05, 107.80 and 107.50 price levels, according to the Technical Confluences Indicator.

Additional key levels

USD/JPY

Overview
Today last price	108.17
Today Daily Change	0.06
Today Daily Change %	0.06
Today daily open	108.11

Trends
Daily SMA20	106.83
Daily SMA50	107.12
Daily SMA100	108.05
Daily SMA200	109.38

Levels
Previous Daily High	108.37
Previous Daily Low	108.02
Previous Weekly High	108.26
Previous Weekly Low	106.76
Previous Monthly High	109.32
Previous Monthly Low	104.45
Daily Fibonacci 38.2%	108.16
Daily Fibonacci 61.8%	108.24
Daily Pivot Point S1	107.97
Daily Pivot Point S2	107.82
Daily Pivot Point S3	107.62
Daily Pivot Point R1	108.32
Daily Pivot Point R2	108.52
Daily Pivot Point R3	108.67

Author

Flavio Tosti

Independent Analyst

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