USDJPY → Resistance retest (wedge) before the Fed meeting

is forming a correction to trend resistance as part of the dollar index consolidation. An interesting situation is forming which could be a continuation of the downtrend.

Fundamentally, today is an important day. The FED interest rate meeting is ahead. Traders are waiting, the dollar is consolidating at this time. Most likely the rate will remain unchanged, but in this key everyone is interested in Powell's comments on monetary policy and their future actions.
USDJPY at this time is forming a correction to the bearish trend resistance, before the news the currency pair may test the resistance conglomerate: a wedge, 0.79 fibo, or an orderblock located outside the channel

Resistance levels: 150.16, 150.95
Support levels: 148.92

False breakout of the resistance zone can provoke a fall, as well as breakdown of the support of the “wedge” with the subsequent consolidation of the price in the selling zone. The price may test the zone of interest at 147.6, 146.54.

Regards R. Linda!

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A rebound from resistance and breaking of support of the ascending wedge is forged, which will generally activate the scenario.
If the bears keep the price in the selling zone, the currency pair may test the previously mentioned targets

RLinda

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