USD/JPY on the Verge of Major Breakout Ahead of Fed Meeting

Wednesday, 20 March 2024, 10:02

As the USD/JPY pair eyes a potential major breakout, the focus intensifies on the Fed's upcoming decisions. Traders speculate on the impact of a more hawkish Fed stance and potential currency movements. Despite technical resistance, the pathway to the highest levels since 1990 appears open, with implications for market dynamics and possible Tokyo interventions.
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USD/JPY on the Verge of Major Breakout Ahead of Fed Meeting

USD/JPY Eyes Major Breakout Potential

A triple-top formation or a breakout to fresh highs since 1990? That is what awaits USD/JPY as we look towards the FOMC meeting decision later in the day.

Market Sentiment and Dollar Strength

The dollar is trading firmer across the board in European morning trade, with traders anticipating a more hawkish tone from the Fed.

Technical Outlook and Yen Bulls

If the top around 151.90-94 holds, yen bulls could step in; otherwise, a break to 1990 highs may encounter minimal resistance on the way up.

Potential Tokyo Intervention

Tokyo might intervene if a major breakout occurs, but recent market quietness raises questions about their strategy post-BOJ policy decision.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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