USDJPY: The price is testing a swing area upside target. | Forexlive

As the market awaits the FOMC rate decision, USDJPY has climbed above the 150.00 level in the U.S. session, reaching a high of 150.142 before pulling back to 149.92.

Technical Outlook:

Today’s high tested a key swing area between 150.11 and 150.288, which has been a pivotal zone of support and resistance since February. A sustained break above this region would reinforce a bullish bias, shifting focus toward the 38.2% retracement of the January 2025 high, which comes in at 151.239—a level where the rally on March 3 stalled. Additional resistance sits in the 151.199–151.34 zone, adding to the challenge for further upside.

On the downside, if sellers defend the 150.288 resistance, the first target would be 149.20, followed by the rising 100-hour moving average at 148.96. Notably, this MA provided strong support on Monday, reinforcing its importance as a key downside level.

Key Levels to Watch:

• Resistance: 150.11–150.288 (swing area), 151.199–151.34, 151.239 (38.2% retracement)
• Support: 149.20, 148.96 (100-hour MA)

A break above 150.288 would increase bullish momentum toward 151.239, while failure to hold above 150.00 could lead to further downside tests.