Some of the positivity in the pound looks to be rubbing off on USDJPY
The FOMC is the big ticket item today and after doing next to nothing all week, USDJPY traders look to be lining themselves up for a bullish Yellen
USDJPY H4 chart
We're up testing 124.00 after coming from around the 123.40 level. The 55 and 100 H4 ma's are right at this level too so there's enough about to possibly contain the price here. Should we move above then resistance has been found at 124.13 which is around the old June 2007 highs
From there we should see resistance around 124.40/50 and then 124.65/70 before attacking 125.00
There's not a lot on the calendar to help give traders a last minute look at the economy so we're probably going to see some positioning moves when the US get to their desks shortly, and in the run up to the FOMC. I'd be wary of putting on new trades purely based on tech levels in this current market, except if you're just trying to scalp a few pips here or there. There's no point in trying to play a decent looking level that needs some time to play out with the clock ticking for the FOMC
