USDJPY tests key resistance, targeting bullish momentum

The USDJPY exchange rate is currently testing a key price level as traders await a decision from the Federal Open Market Committee (FOMC). Recently, the rate rose above 150.00, hitting a peak at 150.142 before dropping to 149.92. Today's high has approached an important swing area, which ranges from 150.11 to 150.288. This area has served as both support and resistance since February. If the price consistently breaks above this zone, it could strengthen a bullish trend, with targets shifting to the 38.2% retracement level of the January 2025 high at 151.239. This level is significant as the price previously stalled there on March 3. There are additional resistance levels between 151.199 and 151.34 that could pose challenges for further price increases. If sellers manage to defend the 150.288 resistance, the first potential support target would be 149.20. This would be followed by the 100-hour moving average at 148.96, which has recently shown strong support. Key levels to monitor include resistance at 150.11–150.288, 151.199–151.34, and 151.239. Support levels to watch are found at 149.20 and 148.96. A break above 150.288 could increase bullish momentum toward 151.239, while failing to maintain above 150.00 might lead to additional downward tests.