USDJPY KEY TECHNICALS AHEAD OF THE FED
Technically the USDJPY remains short term bullish and medium term bearish ahead of the Federal Reserve interest rate decision and policy statement later this evening.
In the short term, the pair remains above all lower time frame moving average support, with the pair now closing above the H1 200 period moving average at 110.10.
Looking to medium term, the daily time frame 200 period moving average remains relatively far away at 112.07. However, both the Federal Reserve and Bank Of Japan Central Bank meetings, certainly have the ability to send price towards the 112 region over the coming trading sessions.
To the upside, the daily time frame 100 period moving average becomes paramount at 110.70, once clearly above this level price can then gravitate towards intraday resistance at 111.22 and finally 111.70.
The weekly chart above really highlights the possible downside potential for the pair once clearly trading below the 109 level, with very little price support offered until 106. In the near term, the daily pivot point at 109.95 offers some support as does the current weekly low at 109.63.