USD/JPY Awaits FOMC Meeting for Direction; 148 Support Level in Focus

USD/JPY likely to see muted trading until tomorrow's FOMC meeting + projections
IG client sentiment clouded by the recent uptick in longs. Overwhelming short positioning remains
Analysis uses chart patterns and key support and resistance levels
USD/JPY may see volatility from FOMC rate decision and economic projections
148 level providing support, catalyst needed to push towards 150

dailyfx.com

Relevant topic timeline:

8/22/2023

USD/CHF advances as markets await a fresh catalyst

The USD/CHF pair is trading with mild gains near the 0.8800 zone as the USD receives a boost from hawkish comments by Fed's Thomas Barking, while investors are awaiting Jerome Powell's speech and US PMI data.

8/29/2023

USD/JPY retreats from fresh cycle highs following US labour market figures

The USD/JPY spiked to a cycle high but reversed course, while weak labor market figures were reported in both the US and Japan, supporting the dovish stance of the Bank of Japan.

10/14/2023

Japanese Yen Crosses See Rangebound Action Amid Stalled Momentum

USD/JPY is hovering around the psychological level of 150 with no sign of a reversal, while EUR/JPY struggles to extend gains and AUD/JPY remains range-bound, indicating a sideways bias for JPY crosses.