USD/JPY technical analysis: Greenback challenging 108.26 resistance ahead of Fed's Powell speech

• USD/JPY is finding some footing above the 108.00 handle.
• Potential targets to the uspdie can be seen at 108.56 and 108.85.

USD/JPY daily chart

USD/JPY is trying to stabilize above 108.00 but below the main daily simple moving average (DSMA). Fed's Powell will be talking at 17.00 GMT. This can lead to high volatilty in USD-related currency pairs.

USD/JPY 4-hour chart

The market is attempting to trade above the 108.26 resistance and the 50 SMA. If the bulls keep the momentum going they could reach 108.56 and 108.85, according to the Technical Confluences Indicator. 

USD/JPY 30-minute chart
 

USD/JPY is trading above its main SMAs suggesting bullish momentum in the near term. Immediate support can be seen at 108.05, 107.83 and 107.49, according to the Technical Confluences Indicator. 

Additional key levels