Recent Fed Clarida’s comments on global growth rebound forecasted to rebound later this year might lead to safe haven flows.
The Fed has seemingly adopted a wait and see stance in the time to come. This means that a hike would not be probable in the short term, unless driven by an unforeseen fundamental factor. Any possible hikes will likely be in the timeframe of Q4 this year, ergo, dollar bullishness might be softer till then.
On the H1 chart, USDJPY is now in the POC zone 111.35-45 [D H5 // 5/8 SELL PREMIUM // 61.8 FR // W L3 // Previous Order Block]. Price might reject from this zone of cluster resistance, targeting 111.13 [W L4 // D H3 // 2/8 // 23.6 FR]. Extended target is 110.84, previous swing low.