However, ignore technical analysis for now, as today, at 18:00 GMT, the US Federal Reserve will hike their base interest rate. Depending on the size of the hike, the US Dollar is set to either surge or decline. Namely, the top fundamental event of them all is set to occur.
Economic Calendar
This week, all attention will be paid to the US Federal Reserve Rate Statement on Wednesday at 18:00 GMT. It is set to set the tone for the rest of the central banks and the global economy.
In addition, note that on Thursday, the markets will be watching the US Advance quarterly Gross Domestic Product data at 12:30 GMT.
Hourly Chart
USD/JPY daily chart's review
On the daily candle chart, the rate has resumed its 2022 surge, which appears to have been occurring in a wide channel up pattern. The recent drop of the pair has not reached the lower trend line of the channel.Daily chart
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Traders are shorting
On Tuesday, on the Swiss Foreign Exchange, traders were 73% short as that amount of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the rate were 57% to sell the USD against the JPY.
On Wednesday, open positions were 74% short and pending orders were 50% to buy and to sell.