The USD is little changed to start the day. The USDJPY remains volatile but in a range

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 technicalsTechnically, 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 technicalsThe 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 1.1754Upside targets:1.1790 (April swing highs)
1.1823–1.1836 (next key resistance zone)

Above that, the 1.1845 highGBPUSD technicalsGBPUSD 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 1.3868Bottom 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
This article was written by Greg Michalowski at investinglive.com.

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