My next for pick for the day is the Australian dollar against the Japanese yen. This forex pair broke out from a 3-week double bottom formation the other day as seen in its 4-hour chart above but hasn’t continued its swing up. It actually went back down after finding some resistance at 89.59.

After hitting a low of 81.08 last February 4, the USDJPY pair has rallied back to mark a high of 83.97 2 days after Valentine’s day. It appears, however, that US dollar’s push against the Japanese yen is starting to lose some momentum. As you can see from its 4-hour chart above, the pair has formed what looks to be a head and shoulders pattern with a neckline at around 83.10.

The December E-mini S&P 500 confirmed Tuesday’s closing price reversal top, but investors showed up following the dip to 1201.75, indicating the possibility of a strong retracement rally.

The U.S. Dollar is trading on both sides of the market as traders remain non-committal about its direction ahead of the Fed’s policy statement.