Ahead of the FOMC meeting, USD is trading lower against JPY. The pair has been moving lower for 3 days. The pair made a triple top at 124.45.
The 20Dsma is found at 123.20. Until bulls manage to hold above 20Dsma, they will try to retain the momentum. The weekly trading pattern is framed between 123.20 and 124.50. Either close will open gates towards 125.00 and 125.00 or 122.00. Buy on dips with sl 121.50 is preferable. The 100Dsma is found at 121.50 and 20Wsma is found at 121.70.
The pair made a double top at 124.20 in the H1 chart. At today’s Asian session, the pair is trading at 123.66 compared to Friday’s closing price of 123.80.
Intraday support is found at 123.45 and 123.20. Resistance is seen at 123.80, 124.00, and 124.20. In the H1 and four-hour charts, the pair has been reaching lower lows and lower highs, favoring selling on rises. The pair favours fresh and safe buying available above 124.50. Use a dip to buy around 122.00 with sl 121.50. Intraday selling is available below 123.20 with targets at 123.00 and 122.80.
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