USD/JPY Eyes FOMC Press Conference: Hawkish vs. Dovish Scenarios

After a sideways movement following the intervention by the BoJ, USD/JPY concluded with a minor upward trend towards the upper channel band. Today, all eyes will be on the news flow from the United States. Given that the main factor behind the dollar's strength globally during the 152-160 rally, it wouldn't be wrong to expect a strong impact from today's FOMC Press Conference on the pair. In the event of a hawkish statement on the dollar, although 158.70 and 159.70 levels may appear as resistance, the main resistance point would be the 160.20 level, advocated by the BoJ. On the other hand, in the case of dovish statements, the initial support would be at 156.95, with the crucial 155.00 level following suit. If breached, attention would shift to the 153.30-153.50 range.