The USDJPY maintains a strong stance in anticipation of the release of FOMC minutes.

Bullish momentum persists, with initial targets set at 156.78 (the high on May 14) and 157.01 (the Fibonacci 61.8% retracement level of the correction from 160.19 to 151.85).

The pair reached a new weekly high on Wednesday, driven by dollar strength ahead of the release of the Fed’s latest policy meeting minutes. Traders are eager for insights into the central bank’s future interest rate decisions.

The daily technical outlook remains bullish, supporting short-term movements. However, encountering resistance near the 156.78/157.01 levels is plausible, especially as the stochastic indicator enters overbought territory.

Maintaining levels above 156.00/155.85 (the broken 50% retracement level and the 10-day moving average) is crucial to sustain immediate bullish sentiment and facilitate attempts to breach the pivotal 157 resistance zone.

Attention should be paid to the possibility of a decline below the 155.00 support level (the broken Fibonacci 38.2% retracement level and a psychological barrier), which could pause bullish momentum.

Res: 156.78; 157.01; 157.98; 158.22
Sup: 156.00; 155.85; 155.00; 154.69

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