FundamentalOverviewThe USD has been relativelystronger against most major currencies since Friday as the markets went into risk-offfollowing some bad US data release. In fact, we got a weak US Flash Services PMI and soon after that the long-term inflation expectations in the Final UMich ConsumerSentiment survey jumped to a new 30-year high. The risk-off sentimentpicked up after the jump in the long-term inflation expectations. The marketmight be fearing that in case we get a slowdown, the Fed might not be fastenough in cutting rates amid inflation remaining above target and uncomfortablyhigh 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. On the JPY side, nothinghas changed fundamentally but the Japanese Yen has been supported across theboard by the risk-off sentiment which continues to drive Treasury yields lower.USDJPYTechnical Analysis – Daily TimeframeOn the daily chart, we cansee that USDJPY is trading near the key 148.60 swing level. This is where wecan expect the buyers to step in with a defined risk below the level toposition for a rally into the 160.00 handle. The sellers, on the other hand,will want to see the price breaking lower to increase the bearish bets into the140.00 handle next. USDJPY TechnicalAnalysis – 4 hour TimeframeOn the 4 hour chart, we cansee that we have a minor downward trendlinedefining the current bearish momentum. The sellers will likely continue to leanon the trendline with a defined risk above it to keep pushing into new lows.The buyers, on the other hand, will look for a break higher to pile in for arally into the major trendline next. USDJPY TechnicalAnalysis – 1 hour TimeframeOn the 1 hour chart, we cansee that the price broke below the counter-trendline this morning with thesellers piling in to target a drop into the 148.60 level. That’s where we canexpect the buyers to step in to position for a rally into new highs. The redlines define the average daily range for today.UpcomingCatalystsToday we have the US Consumer Confidencereport. On Thursday, we get the latest US Jobless Claims figures, while onFriday we conclude the week with the Tokyo CPI and the US PCE data.Watch the video below This article was written by Giuseppe Dellamotta at www.forexlive.com.