The dollar is rallying on global growth concerns. Markets expect Fed Chair Powell to deliver a hawkish address at the Jackson Hole. In the charts, the pair has found resistance at 137.431. Today’s USD/JPY outlook is bullish as the dollar rallies on global recession fears. The dollar continued to rise amid worries about global growth as most central banks kept rising interest rates, while China’s slight rate cut helped to underline issues with its real estate market. -Are you looking for the best AI Trading Brokers? Check our detailed guide- There is also the risk that U.S. Federal Reserve Chair Jerome Powell won’t live up to investor expectations for a dovish policy tilt when he addresses a large gathering of policymakers in Jackson Hole later in the week. “We expect a reminder that more tightening is needed, and there is still a lot of progress to be done on inflation, but no explicit commitment to a specific rate hike action for September,” said Jan Nevruzi, an analyst at NatWest Markets. “For markets, a bland delivery like that could be underwhelming.” The U.S. dollar has strengthened as the most liquid of safe havens, rising to 108.44 on a basket of currencies due to the prevailing atmosphere of global concern. Last week, it experienced its most excellent performance since April 2020, rising 2.3%. “The USD can track above 110.00 this week if the August flash PMIs for the major economies show a further slowing in economic growth or contraction in activity,” said Joseph Capurso, head of international economics at CBA, referring to surveys of manufacturing due on Tuesday. “We also expect Powell to deliver a hawkish message about inflation, in line with recent comments from other Fed officials supporting the USD.” If the dollar rally continues, USD/JPY might head for 138.00. USD/JPY key events today There are no significant news releases from the United States or Japan so the pair will react to macroeconomic events. Get FREE Forex Signals Now! USD/JPY technical outlook: Strong resistance at 137.43 Looking at the 4-hour chart, we see that bulls are in control since the price is trading above the 30-SMA. The RSI also favors bullish momentum as it trades above 50. Bears have returned to the overbought region, lowering the price from the resistance level at 137.431. -Are you looking for the best MT5 Brokers? Check our detailed guide- The price will likely retest support at 135.426 with the 30-SMA as confluence before going higher. Looking to trade forex now? Invest at eToro! Trade Forex Now! 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Saqib Iqbal Saqib Iqbal Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis. View All Post By Saqib Iqbal Majors share Read Next GBP/USD Price Analysis: Bears Dominate as Inflation Worries Grow Saqib Iqbal 4 weeks The dollar is rallying on global growth concerns. Markets expect Fed Chair Powell to deliver a hawkish address at the Jackson Hole. In the charts, the pair has found resistance at 137.431. Today's USD/JPY outlook is bullish as the dollar rallies on global recession fears. The dollar continued to rise amid worries about global growth as most central banks kept rising interest rates, while China's slight rate cut helped to underline issues with its real estate market. -Are you looking for the best AI Trading Brokers? Check our detailed guide- There is also the risk that U.S. Federal Reserve Chair… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.