Countdown to Powell's speech, the bull-bear divide in the yen may soon be revealed.

On the eve of Federal Reserve Chairman Powell's speech, the US dollar against the Japanese yen exchange rate is approaching a key technical level. Since April this year, the currency pair has rarely been able to stay above 148.65. The next key resistance level is the 200-day moving average at 149.13, a level that the US dollar against the Japanese yen has not been able to close above for two consecutive days since December last year. With the risk of Powell's speech leaning towards the hawkish side, market focus has once again returned to the 200-day moving average. If Powell's remarks unexpectedly lean towards a hawkish stance, the US dollar against the Japanese yen may test and attempt to break through this long-term resistance level. Conversely, if the speech is dovish or as expected, the next support level is at the 55-day moving average at 146.62.