Sasha Singh
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USDJPY : Next Target Resistance Seems to be at 109.16

USDJPY : Daily Chart

USDJPY continues to consolidate in a very narrow range on the daily chart. The resistance at 108.37 continues to resist the pair in rising further but the ascending triangle trend is signaling that it will breakout from this resistance. The 50 day SMA also seems to be acting as a key support for the pair. If it continues, the next resistance level which will pause the gains of the pair is at 109.16. On the other hand the stochastic oscillator is showing that the pair is currently trading in the overbought zone so the pair might also decline. If it declines below the rising support trend line of the triangle, it will again find support at 107.41 which also acted as resistance previously. This decline won't confirm the bearish trend as the pair is still supported.

USDJPY : 4 Hour Chart

On the 4 hour chart, the pair seems to be following a rising channel trend and therefore along with ascending triangle trend seems strong bullish trend. So it is expected to rise from current support trend line of the channel until it finds the next resistance from the resistance trend line of the channel.

Fundamentally the  investors seems to be waiting for the FOMC statement (releasing at 2 PM EDT) for the guidance on future monetary policy actions and economic growth.