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USD/JPY Price Analysis: Hovers around 143.20 before FOMCs meeting

  • USD/JPY fluctuates around 143.00 amid a poor market sentiment, spurred by recession fears on Feds aggressive tightening path.
  • The USD/JPY daily chart portrays buyers in charge, but price action remains constrained.
  • Short-term, the USD/JPY is range-bound, trapped in the 142.60-143.60 range.

The USD/JPY seesaws around 24-year highs above the 143.00 psychological level, for the 3rd consecutive trading session, amidst a risk-off impulse, thanks to fears that the Feds aggression may likely tip the united states economy right into a recession. During writing, the USD/JPY is trading at 143.24, above its opening price by 0.24%.

USD/JPY Price Analysis: Technical outlook

The USD/JPY daily chart keeps illustrating that buyers come in charge, albeit price action remains subdued. The daily moving averages (DMAs) reside below the exchange rate, as the Relative Strength Index (RSI) exited from overbought conditions, a respite for all of us dollar buyers that could prefer to re-test the USD/JPY year-to-date high at around 145.00. However, it ought to be noted that once 143.00 gives way, it could pave just how for a fall towards the 20-day EMA at 140.92.

Short-term, the four-hour scale depicts the USD/JPY sideways, trapped in the 142.50-143.60 range. Oscillators led by the Relative Strength Index (RSI) is nearly flat, hoovering round the 50-midline, displaying that neither buyers nor sellers are focused on opening fresh bets contrary to the rise/fall of the major.

On the upside, the USD/JPY first resistance will be 144.00, prior to the YTD high at around 144.99. on the other hand, the USD/JPY first support will be the daily pivot at 143.15, accompanied by the psychological 143.00, prior to the S1 pivot point at 142.61.

USD/JPY Key Technical Levels

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