USD/JPY Price Analysis: Bulls and bears await the Fed, the lines are drawn

• USD/JPY now all depends on the outcome of the Federal Reserve.
• USD/JPY bears need to get below 134.00 while the bulls need to get above 135.60 and then 138.00.

As per the prior analysis, USD/JPY bears are moving in again ahead of the Fed, the bears have stayed the course and there are high probabilities of a downside continuation, depending on the outcome of the Federal Reserve today. 

USD/JPY prior analysis

It was stated that USD/JPY was eying up the 130.00 area that could be tested in the coming days or weeks if the bears stay the course.

It was said that eyes were turning to the Fed and on a dovish outcome, the level could be reached before the close of the week, noting that tt has not been uncommon for the yen to fly 500 pips in a week:

USD/JPY update

As illustrated, the continuation is in process with a fresh low already in place ahead of the Fed. The bears need to get below 134.00 while the bulls need to get above 135.60 and then 138.00.