Chart - Courtesy Trading View
USD/JPY was trading 0.79% lower on the day at 147.05 at around 12:00 GMT. The pair is testing 21-EMA support, break below will see more weakness.
Focus remains glued to the outcome of a two-day FOMC monetary policy meeting, scheduled to be announced later during the US session.
The US central bank is expected hike rates by 75 bps, the fourth successive hike in as many meetings.
Traders will closely scrutinise the accompanying policy statement and Fed Chair Jerome Powell's comments at the post-meeting press conference.
Powell’s press conference could unveil clues regarding a potential pivot in the Fed’s policy in the next months.
Major trend for the pair is bullish, but some weakness seen on the intraday charts. Recovery remains capped below 200H MA.
21-EMA is strong support at 147.08, decisive break below will drag the pair lower. Scope for test of 55-EMA at 144.01.
