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  • USD/JPY is under pressure ahead of Fed’s Powell testimony.  
  • The market is pressure the 108.75 support.  


USD/JPY daily chart

USD/JPY is trading just below the 109.00 handle and the 200-day simple moving average (DMA) on the daily chart. In both September and November, the spot has been accelerating to the upside. Fed’s chief, Jerome Powell, is going to be testifying on the economy before a special Congressional commission at 16:00 GMT. Investors will be on the lookout for any clues about the future of monetary policy in the US.

USD/JPY four-hour chart

USD/JPY is challenging the 108.75 support level while trading just below the 50 and 100 SMAs. If the sellers keep the pressure on the market can continue to drift down towards the 108.47 and 107.93 levels, according to the Technical Confluences Indicator.

USD/JPY 30-minute chart

USD/JPY is under pressure near 4-day lows. Resistances are seen at the 108.90 and 109.03 price levels, according to the Technical Confluences Indicator.

Additional key levels