FXStreet (Bali) - USD/JPY is trading at 102.15,unchanged for the day ahead of the FOMC event later on the day, having posted a daily high at 102.24 and low at 102.11.

The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bearish. At the time of writing, RSI is neutral at 52.27, down from 56.19 at the last hour close, while ADX is ranging at 14.41, down from 17.62 previous. Meanwhile, daily RSI is in neutral territory at 50.83. On the hourly USD/JPY chart, the 200 SMA is declining and currently at 101.97, down from the previous hour close at 102.17. On average, the exponential closing price for the past 20 days is 102.09, with the trend indicating a rangebound movement ahead.

Technically, Jim Langlands, FX Strategist at FXCharts, notes: "On the topside the 200 HMA at 102.15 is currently capping the topside and above here there are plenty of levels to overcome, starting with the daily Tenkan at 102.20 and then the 100 DMA at 102.30. The daily cloud base is at 102.44 while the cloud top is at 102.65... on the downside, back below 102.00, the daily Kijun is at 101.80, which comes ahead of Friday’s low of 101.65 and the 200 DMA at 101.55. Below this, rising trend support is at 101.40, which could come under some pressure if the Fed retains a dovish outlook."

Related Articles
  1. Forex Fundamentals

    Chinese Yuan an Unlikely Reserve Currency

    As the world's second largest economy, China's challenge to America’s dominance includes a push to make the yuan (RMB), the world’s reserve currency. Whether it can do that now is unclear.
  2. Economics

    How Currency Enforcement Helped Sink The Trans-Pacific Partnership (TTP)

    One particular barrier to trade that has received much attention of late and caused delays in negotiations of the TPP is exchange-rate manipulation, by which a country artificially devalues its ...
  3. Forex

    Top U.S Forex News Sites

    Breaking news moves forex markets. Here are the top U.S. sites for tracking forex news.
  4. Investing

    Financial News Comparison: Bloomberg Vs. Reuters

    Access to financial information has grown with the expansion of digital news. Bloomberg and Thomson Reuters lead the pack, claiming a majority of the business information market.
  5. Economics

    Who Benefits From South Korea's Lowered Interest Rates?

    South Korea is the latest country to cut interest rates in an attempt to stimulate economic growth.
  6. Forex Education

    The Top Uses For P2P Currency Exchange

    Peer-to-peer (P2P) currency exchange networks offer a viable and cheaper alternative for buying and selling currencies.
  7. Forex

    Steps To Open An Offshore Forex Account

    Here is a simple breakdown of how to open an offshore forex account for US-based users, including legal requirements.
  8. Entrepreneurship

    Top Forex Trading Apps

    A brief overview of the top apps that help forex traders with on time information, charts and more.
  9. Investing Basics

    The Risks Of Buying Bitcoin

    Virtual currency is probably here to stay, but what about Bitcoin specifically? Does it have a first-to-market advantage? What are the risks involved?
  10. Forex News

    How The Forex "Fix" May Be Rigged

    When it comes to forex, some types of "fixes" are legal. But some really aren't.
RELATED TERMS
  1. No results found.

You May Also Like

COMPANIES IN THIS ARTICLE
Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!