USD/JPY - Moved Higher Ahead FOMC Minutes - 02/21/2017 (GMT)

The U.S. dollar was traded slightly higher against the Japanese yen over yesterday’s session as it rose more than 0.4% and surpassed above the strong obstacles, 50 and 100 SMAs on the 4-hour chart. The USD/JPY pair is approaching our recommended target at 200-SMA which is near 113.90 price level (see technical analysis here: http://bit.ly/2m6OkMj). The markets expect a hawkish Fed in the FOMC meeting minutes tomorrow and traders may push the pair further up until our second suggested target at 114.60.

Technical indicators are biased higher. The RSI indicator entered the positive territory, however, now, is sloping slightly lower. On the other hand, the MACD oscillator is rising in the negative path and jumped above its trigger line.