The USD/JPY currency pair is experiencing unique market tension. The price has reached a rarely seen DML monthly resistance level, which could inhibit further gains. Simultaneously, a strong support zone has formed below the current price, created by a confluence of three key elements: a historical anomaly, current weekly supports, and an unclosed price gap. The upcoming release of the FOMC meeting minutes could be the catalyst that determines whether the market will test the lower support zone or react at the resistance.

The market commentary focuses on the EUR/USD pair and the key level of 1.1515, which was recently broken as a former DML RED support. The current price increase is a retest of this level, leading to two scenarios. The first, classic view assumes that the former support will act as new resistance, leading to declines. The second, more probable scenario suggests that the breakdown was a "bear trap" designed to mislead sellers. In this view, a return to and break above the 1.1515 level will be a signal of strength and a continuation of the uptrend.