USD/JPY technical analysis: Greenback sidelined near 108.60 ahead of the FOMC

USD/JPY is hovering below the monthly high below the 108.50 resistance.
The market is awaiting the FOMC scheduled at 18:00 GMT.

Flavio Tosti Independent Analyst

USD/JPY daily chart

USD/JPY is off the monthly highs as the market is trading above the 50-day simple moving average (DSMA). The market is expeceting the Federal Reserve to cut 25bps this Wednesday. However market participants are going to pay close attention to any comments from Fed’s Chairman Powell.

USD/JPY 4-hour chart

USD/JPY is above its main SMAs, suggesting a bullish bias in the medium term. Bulls need a breakout above 108.50 to get to 109.40 resistance on the way up, according to the Technical Confluences Indicator.

USD/JPY 30-minute chart

USD/JPY is trading below the 100 and 200 SMAs, suggesting a potential pullback down in the near term. The market might declines towards the 108.41 and 108.03 support levels, according to the Technical Confluences Indicator.

Additional key levels

USD/JPY

Overview
Today last price	108.61
Today Daily Change	0.01
Today Daily Change %	0.01
Today daily open	108.6

Trends
Daily SMA20	108.23
Daily SMA50	108.36
Daily SMA100	109.7
Daily SMA200	110.51

Levels
Previous Daily High	108.95
Previous Daily Low	108.45
Previous Weekly High	108.83
Previous Weekly Low	107.7
Previous Monthly High	108.8
Previous Monthly Low	106.78
Daily Fibonacci 38.2%	108.64
Daily Fibonacci 61.8%	108.76
Daily Pivot Point S1	108.38
Daily Pivot Point S2	108.17
Daily Pivot Point S3	107.89
Daily Pivot Point R1	108.88
Daily Pivot Point R2	109.16
Daily Pivot Point R3	109.38

Author

Flavio Tosti

Independent Analyst

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