FundamentalOverviewThe USD continues to besupported against most major currencies, especially the commodity currencies,as the markets remain in a risk-off mood following some bad US data releases.In fact, since last Friday, we got weak US Flash Services PMI, UMich final Consumer Sentiment and this a weak US Consumer Confidence report on Tuesday. The problem is that we’vealso got inflation expectations jumping to new highs in both the UMich and theConference Board report. The market might be fearing that in case we get aslowdown, the Fed might not be fast enough in cutting rates amid inflationremaining above target and uncomfortably high long-term inflation expectations.This is something to keepin mind in light of the next NFP and CPI reports coming out before the MarchFOMC decision where we will also get the updated SEP and Dot Plot. Today, weget the US Jobless Claims figures and if we get a new high in the data, then wecan expect another wave of risk-off flows.On the JPY side, nothinghas changed fundamentally but the Japanese Yen has been supported across theboard by the risk-off sentiment and falling Treasury yields. Tomorrow, we getthe Tokyo CPI where hot numbers might see the markets adding more to their betsof a third hike by the end of the year. USDJPYTechnical Analysis – Daily TimeframeOn the daily chart, we cansee that USDJPY is consolidating around the key 148.60 level. This is where thebuyers are stepping in with a defined risk below the level to position for arally into the 160.00 handle. The sellers, on the other hand, will want to seethe price breaking lower to increase the bearish bets into the 140.00 handlenext. USDJPY TechnicalAnalysis – 4 hour TimeframeOn the 4 hour chart, we cansee more clearly the rangebound price action around the key level as thebearish momentum waned. There’s not much else we can add here as the buyerswill look for a bounce and a rally into the major trendline, while the sellers will look for abreak lower to push into new lows. USDJPY TechnicalAnalysis – 1 hour TimeframeOn the 1 hour chart, we cansee that we have a minor downward trendline defining the current consolidationaround the lows. The sellers will likely continue to lean on the trendline toposition for the break below the support, while the buyers will look for abreak higher to increase the bullish bets into the 150.93 level next. The redlines define the average daily range for today.UpcomingCatalystsToday we get the latest US Jobless Claimsfigures, while tomorrow we conclude the week with the Tokyo CPI and the US PCEdata. This article was written by Giuseppe Dellamotta at www.forexlive.com.