The USD/JPY price edges higher as the Dollar finds traction ahead of Fed. The pair has found strong support, and now it looks to trade higher. It’s located at 110.18 level far above 109.62 yesterday’s low. –Are you interested to learn more about automated trading? Check our detailed guide- The pair has printed a potential Inverse Head & Shoulders reversal pattern. Still, the chart formation is far from confirmation. The buyers are also firm because the Nikkei (JP225) has rebound after its last drop. Today, the fundamentals will move the markets. The FOMC Meeting is seen as a significant and high-impact event. The Federal Reserve is expected to maintain the Federal Funds Rate unchanged at 0.25%. The FOMC press conference could be really decisive. Any hint coming from the FED that they will hike rates could boost the USD and force USD/JPY to increase. On the other hand, dovish guidance could weigh on the Greenback. Get FREE Forex Signals Now! USD/JPY price technical analysis: Lookout for a bullish breakout The USD/JPY price has found support again on the 50% retracement level and now is pressuring the 38.2%retracement level. In addition, it has printed a potential Inverse H&S pattern after failing to reach the ascending pitchfork’s lower median line (LML). Still, the reversal pattern could be activated after the price makes a valid breakout above the neckline and after jumping above the 23.6% level. However, the USD/JPY pair is traded way below these upside obstacles, so maybe you should stay away from this pair right now. We don’t have a good trading opportunity at the moment. –Are you interested to learn more about forex signals? Check our detailed guide- Closing and consolidating above the 38.2% (110.14) level could bring us a long opportunity sooner. In addition, the pair moves somehow sideways on the H4 chart, so a larger growth could be validated by a new higher high. Technically, the USD/JPY price has managed to jump above the downtrend line, signaling a potential upwards movement. However, the USD/JPY price could still increase as long as it stays within the ascending pitchfork’s body. A downside breakout through the lower median line (LML) invalidates the bullish scenario and could bring us a short opportunity. Looking to trade forex now? Invest at eToro! Trade Forex Now! 67% 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 Forex News Today: Daily Trading News share Read Next EUR/USD Analysis: Bulls Aiming 1.1876 After Fed, More Gains on Cards Saqib Iqbal 1 year The USD/JPY price edges higher as the Dollar finds traction ahead of Fed. The pair has found strong support, and now it looks to trade higher. It's located at 110.18 level far above 109.62 yesterday's low. -Are you interested to learn more about automated trading? Check our detailed guide- The pair has printed a potential Inverse Head & Shoulders reversal pattern. Still, the chart formation is far from confirmation. The buyers are also firm because the Nikkei (JP225) has rebound after its last drop. Today, the fundamentals will move the markets. The FOMC Meeting is seen as a significant and… 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.