USD/JPY technical analysis: Oscillates in a familiar trading range, FOMC eyed for fresh directional impetus

The USD/JPY pair lacked any firm directional bias and seesawed between tepid gains/minor losses through the early European session on Wednesday.
The pair remains well within a broader trading range held over the past one week or so, awaiting s fresh impetus from the FOMC monetary policy update.

Haresh Menghani FXStreet

Meanwhile, neutral technical indicators on hourly charts have been supportive of a firm intraday directional move, albeit bearish oscillators on the daily chart point to an extension of the recent bearish trajectory and additional weakness.

However, given that the pair has repeatedly shown resilience below the 108.00 round figure mark, bearish traders are likely to wait for a strong follow-through selling below the mentioned handle before positioning for any further depreciating move.

On the upside, a short-term descending trend-line – extending from yearly tops set on April 24, is likely to act as an immediate strong resistance, which if cleared might negate the bearish set-up and prompt some aggressive short-covering move.

Above the mentioned barrier, the pair is likely to accelerate the recovery towards reclaiming the 109.00 handle before eventually darting to its next major hurdle near the 109.60 supply zone.

USD/JPY daily chart

USD/JPY

Overview
Today last price	108.4
Today Daily Change	-0.04
Today Daily Change %	-0.04
Today daily open	108.44

Trends
Daily SMA20	108.81
Daily SMA50	110.14
Daily SMA100	110.48
Daily SMA200	111.21

Levels
Previous Daily High	108.68
Previous Daily Low	108.06
Previous Weekly High	108.8
Previous Weekly Low	108.16
Previous Monthly High	111.71
Previous Monthly Low	108.23
Daily Fibonacci 38.2%	108.3
Daily Fibonacci 61.8%	108.44
Daily Pivot Point S1	108.11
Daily Pivot Point S2	107.77
Daily Pivot Point S3	107.49
Daily Pivot Point R1	108.73
Daily Pivot Point R2	109.02
Daily Pivot Point R3	109.35

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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