USD/JPY Turns Higher Ahead of FOMCU.S. DOLLAR / JAPANESE YENFX_IDC:USDJPYCityIndexUSD/JPY has turned higher after an 11-day pullback from the November peak. Two bullish hammers formed around the October high, supported by RSI(2) divergence and RSI(14) holding above 50 — a sign momentum never fully shifted to bears. Price continues to close above the key 155 level, often watched for potential MOF sensitivity, though intervention risk typically hinges on volatility rather than a specific number. On the 1-hour chart, a clear bullish structure is in place with higher highs and higher lows while the 10-bar EMA acts as dynamic support. The pair is now eyeing the weekly R1 pivot at 156.20 and the high-volume node near 156.35. A break above 156.50 would open the path towards 157, with follow-through likely dictated by the market’s read on this week’s FOMC tone. Matt Simpson, Market Analyst at City Index