Recent Performance:
• Price Movement: The U.S. dollar has been under pressure against the Japanese yen, trading near a five-month low due to concerns over U.S. economic policies and weak data.
Technical Analysis:
• Support and Resistance Levels: The USD/JPY pair is trading below the key resistance level of 150.00. A sustained move below this level supports a bearish outlook, with immediate support at 147.70. Further declines could target 146.90 and 145.00. Conversely, a break above 150.50 and 151.40 would indicate a potential bullish reversal.
Fundamental Factors:
• Federal Reserve (Fed) Meeting: The Fed is expected to maintain current interest rates in its upcoming meeting. Investors will closely monitor statements for insights into future monetary policy, especially amid rising recession concerns.
• Bank of Japan (BoJ) Meeting: The BoJ is also anticipated to keep its policy unchanged. Traders will look for any signals regarding adjustments to its ultra-loose monetary stance, which could impact the yen's strength.