USD/JPY Up on hawikish FOMC, but will bulls dare to get out of the prevailing downtrend

Since January 8th the USD/JPY pair entered into steep downtrend channel, which came in continuation of the bearish signals from early November. This week the bears are taking break and stopped to rest around 108.30 level, a significant support area. Of course having the development of the channel, a test of the lows around 108.30 – 108.00 could not be avoided. 

But today the fundamental environment comes into play with last Janet Yellen’s speech at FOMC. As it was expected the interests rates remain unchanged and Fed left open door for hikes in March. The outcome for the pair is somehow mixed, but we can not ignore that bulls moved towards 109.00 handle. Тhe agenda now is whether the bulls will dare to escape the shackles of the descending channel.