USD/JPY - is Falling Ahead of FOMC Minutes - 02/22/2017 (GMT)

USD/JPY has risen during Tuesday’s trading as the dollar gained ground driven by the higher risk demand among traders and investors. We expect that the bullish bias will remain today and the dollar most likely will keep rising. A break over the 113.75 resistance level will be a strong signal that the uptrend tendency will remain intact and the target, in this case, would be key level at 114.95.

In the opposite scenario, if the traders redirect their attention towards the yen and we see a sharp break below 112.45 will nullify the expectations for rising of the pair and will make 111.35 our text target. The latest cross of the 50-SMA above the 100 SMA on 4-hour chart is a bullish signal. MACD passed with weak momentum in the positive territory while RSI is neutral near the 50 level.