USD/JPY technical analysis: Greenback hangs near four-day highs after FOMC Minutes

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  • USD/JPY is trading at daily highs challenging the 107.40 resistance.
  • The FOMC Minutes are scheduled at 18:00 GMT; the news can lead to some volatility in USD-related currency pairs.
 

USD/JPY daily chart

 
 
The USD/JPY exchange rate is trading in a bear trend below its 100 and 200-day simple moving averages (DSMAs). However, the spot is attempting to find some support near the 50 SMA at the 106.90 level. The FOMC Minutes were a non-event with little market reaction. Chief’s Powell reiterated what most market players already know: “risks come from abroad, chances of a recession are limited and the economy overall is healthy.”
 
 
 

USD/JPY four-hour chart

 
 
USD/JPY is settling above the 107.40 resistance while challenging the 100 SMA on the four-hour chart. The market might try to reach 107.70 resistance on the way up, according to the Technical Confluences Indicator. A break of the level can expose 108.16 resistance if the bulls gather enough steam.
 

USD/JPY 30-minute chart

 
 
The USD/JPY currency pair is trading above the main SMAs, suggesting bullish momentum in the near term. Immediate supports are seen at the 107.40/20 support zone and 107.00 figure, according to the Technical Confluences Indicator. 
 

Additional key levels

 

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