USD/JPY (a 4-hour chart)
The USA dollar and the Japanese yen were stable on the Monday’s trades. Investors prefer wait and see position before the Fed and BoJ’s meetings.
The yen was almost unchanged in the Monday session; however, the bearish views are getting more popular. The pair remained at the current support at 106.00. The resistance is at 107.00, the support comes in at 106.00.
MACD remained in the positive territory. MACD decreased which indicates the buyers’ positions weakening. RSI is in the neutral territory.
The instrument broke the 50-EMA and stopped at the 100-EMA in the 1 hour chart. The moving averages (50, 100 and 200) are still heading north. The USD/JPY is above the 50, 100 and 200 EMAs in the 4 hours chart. The moving averages direction is upwards.
Buyers seem to have run out of steam. Bears may take control of the flows soon. A downtrend will start as soon, as the USD/JPY pair drops below the support level 105.30. In the scenario where the buyers keep control the pair may grow to 107.00 and then further to 108.00.