On Monday, the USD/JPY was making attempts to pass a cluster of technical resistance levels that were located just above the 108.40 level.
The future forecasts for the currency rate were based on what would happen at the cluster of technical levels.
The Federal Reserve released the US Federal Funds Rate data, which came out in line with the expectations of 1.75%.
According to the official release: "Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. In light of the implications of global developments for the economic outlook as well as muted inflation pressures, the Committee decided to lower the target range for the federal funds rate to 1-1/2 to 1-3/4 percent."
Economic Calendar
USD/JPY short-term daily review
During Monday morning, the pair raised to the 108.40 level.Hourly Chart
Since Friday, on the Swiss Foreign Exchange USD/JPY open position volume was almost neutral. 52% of open volume was long and 48% was short.
Meanwhile, trader set up orders were bearish. Namely, in the 100-pip range 61% of pending orders were to sell and 39% were to buy.
The orders were 76% to buy on Friday.