The video above takes a detailed look of the 3 major currency pairs – the EURUSD, USDJPY and GBPUSD from a technical perspective.

On Wednesday, the Fed kept rates unchanged, but the decision revealed a notable divide beneath the surface. There were four dissenters in what was likely Powell’s final meeting as Chair.

• Hammack, Logan, and Kashkari pushed back on the easing bias, citing ongoing inflation risks.
• Miran, the most recent Trump nominee, dissented in favor of a rate cut, reinforcing his more dovish stance.

The takeaway is clear: the Fed is increasingly split, with the debate shifting toward what comes next—cuts versus staying restrictive longer.

Yesterday’s dominant story, however, came from JPY price action.

The Japanese Ministry of Finance conducted a rate check in USDJPY, a classic pre-intervention warning shot. It’s a signal to the market that authorities are watching closely and are prepared to act if needed—without actually deploying reserves. The move marked a shift in how traders must now price in intervention risk, especially with USDJPY pushing toward the 160.00 level, which appears to be a trigger zone.

The backdrop matters. Yen weakness has become politically sensitive ahead of elections, as it feeds directly into higher import and food prices, particularly with Japan heavily reliant on energy imports. There was also speculation that U.S. officials may be tolerant of yen strength, adding another layer of complexity.

The rate check sparked a sharp move lower in USDJPY, as traders trimmed short yen positions amid uncertainty over whether direct intervention would follow.

USDJPY technicals

Technically, the pair has been active:

• The price retested the 100-day moving average near 157.26 (high reached 157.32)
• Sellers leaned against that level, pushing the price lower
• The move extended toward 155.50, the 61.8% retracement of the February rally

Since then, the pair has bounced and is now trading around the 50% midpoint near 156.50, which is acting as a key barometer.

Levels to watch:

• Resistance: 157.26 (100-day MA)
• Support: 155.50 (61.8% retracement)
• Pivot: 156.50 (50% midpoint)

EURUSD technicals

The EURUSD moved higher yesterday, helped by USD selling and relatively firmer ECB tone.

• The pair initially broke above the 100-day and 100-hour MAs near 1.1708
• Resistance at the 200-hour MA capped gains (a level that stalled rallies on April 22 and 27)
• However, after a pullback, buyers stepped back in and pushed the price above the 200-hour MA, keeping the bullish bias intact

Today:

• A dip toward 1.1713 found support
• Price has since extended to new weekly highs above 1.1754

Upside targets:

• 1.1790 (April swing highs)
• 1.1823–1.1836 (next key resistance zone)
• Above that, the 1.1845 high

GBPUSD technicals

GBPUSD followed a similar path but with stronger momentum.

• The pair based near the 100-day MA at 1.3465
• Broke above a key swing area between 1.3575–1.3598, increasing the bullish bias

Today:

• A dip back into that zone held support (low 1.3587)
• Buyers stepped in, pushing the pair to new highs at 1.3643, the highest level since February 17

Levels to watch:

• Support: 1.3575–1.3598 (prior resistance turned support)
• Next targets: 1.3725–1.3772
• Further upside: toward the yearly high near 1.3868

Bottom line

• The Fed is divided, with policy uncertainty rising
• JPY intervention risk is now a major driver in FX
• Technical levels are dictating the post-news moves
• USD weakness stalled as key levels held, keeping two-way risk firmly in play