For a considerable duration, the market has been consolidating above the 200-pip range, specifically between 138.00 and 140.00. Previously acting as resistance, this price zone has now transformed into a supportive level. In March 2022, an upward trend emerged on USDJPY due to the initiation of Dollar interest rate hikes by the FOMC. This week marks an anticipated rotation in rates by the FOMC to reach 5.25%, which hasn't occurred since then. When significant decisions are made by the FOMC, this currency pair experiences substantial volatility. As such, there is a high likelihood that the ongoing uptrend will persist in its trajectory.
