USD/JPY Technical Analysis: US Dollar losing momentum ahead of FOMC

• USD/JPY is testing the 100-period simple moving average on the 15-minute chart as it broke slightly below Tuesday’s high.  
• Bulls are currently losing momentum as USD/JPY broke below the ascending trendline.  
• The FOMC is likely the next catalyst for USD-related currency pairs, it is scheduled at 18:00 GMT. Join Fed Live Coverage – Today at 17:30 GMT click here.  

USD/JPY 15-minute chart

Spot rate:                 110.43
Relative change:      0.06%      
High:                        110.73
Low:                         110.33

Trend:                       Bullish        

Resistance 1:           110.56, Tuesday’s high  
Resistance 2:           111.00 figure
Resistance 3:           111.41 May 21 high

Support 1:                110.23-110.28 area, last week’s high, weekly 50-period SMA, daily 200  
Support 2:                 109.90 daily 5-period SMA, 100-period SMA (1h)        
Support 3:                109.37/47 last week’s demand level and daily 10 SMA