The US Dollar is currently on the rise against the Japanese Yen, with important events like the FOMC meeting and CPI numbers in America looming ahead. The market is expected to remain volatile, but there is a possibility of a breakout to the upside in the near future. For now, the 158 yen level seems to be a key resistance point. However, any pullback should be viewed as a potential buying opportunity, especially around the 155 yen level where buyers have shown interest before.
Additionally, the 50-day EMA is approaching, adding to the potential support at the 155 yen level. If the 158 yen level is breached, the next target could be the 160 yen level, which has been defended by the Bank of Japan in the past. It’s important to note that the upcoming FOMC meeting and Bank of Japan meeting could introduce more volatility to the market, so traders should stay alert for any sudden changes in sentiment.