Don't forget that the Japanese central bank on Thursday will also announce their interest rate results in the Asian session after following the FOMC meeting which was the focus earlier that morning.
Unlike the Federal Reserve (Fed), the Bank of Japan (BOJ) is expected to maintain low interest rates at -0.10% and an ultra-loose monetary policy.
Thus, the Yen currency is expected to move gloomy until the end of the week while the US dollar has the potential to shine towards the next week.
Investors are waiting for the Fed to continue aggressive interest rate hikes with a third consecutive 75 basis point increase for this meeting.
Let's examine the price movements of these two currencies on the price chart of the USD/JPY pair this week.
The price is seen to start a slow movement at the beginning of the week by maintaining the horizontal pattern since last week again in the zone range of 143.700 and 142.700.
The price movement is also seen circling at the Moving Average 50 (MA50) level on the USD/JPY chart on the 1-hour time frame which has not yet given a clearer indication for further movement.
This is the analyst's expectation for the price movement after the results of the meeting for both central banks after the horizontal price movement displayed.
In the event of a price surge, the resistance zone at 145.00 will be tested again for the third week in a row.
The previous 2 weeks had seen the price rise test the zone but still failed to break through.
If the price increase succeeds in penetrating the zone, the latest target is to go to the height of 147.00 while continuing to record the latest highest price record since 1998.
While for the expected price drop, passing the 142,700 level will push the price to test the lower concentration level at around 141,700.
An extended decline can reach up to around 140,300 with bearish trend movements displayed.
