On the eve of Jerome Powell's speech at the Jackson Hole symposium, USD/JPY retreats from local highs, as market participants prefer to lock in profits of long positions.
Investors are not active, preferring to wait for the speech of the head of the Fed in order to get an idea of the prospects of the monetary policy of the American regulator.
To date, analysts are equally likely to estimate a rate hike at the September FOMC meeting by 50 and 75 basis points
Japan's macroeconomic statements published on Wednesday did not have a noticeable impact on the dynamics of USD/JPY. According to the Ministry of Finance, last month the Land of the Rising Sun expanded the volume of oil purchases, but reduced the purchase of Russian liquefied natural gas by 26.1%, and coal by 40.1%.
According to the daily TF, the mfi indicator and the Bollinger Bands are confidently directed towards growth.
The MACD indicator is in the positive area and retains a buy signal.
The stochastic oscillator broke through the 80% level from top to bottom and came out of the overbought area.
When the price breaks and fixes above the resistance of 137.50, we return to the formation of long positions with a take profit at 139.50. Placing a stop loss at 136.50.
If the bears are able to gain a foothold below 135.57, then we consider entering sales with a target mark of 134.00. We set the stop loss at 136.50.