The action has been muted across the majors on today’s forex. Currency players appear to be in a holding pattern to begin the week as the debate over U.S. monetary policy rages on. At least for this Monday session, the action has been much lighter than usual.

Of course, the beauty of active trading is that things rarely stay the same for very long. In the coming 24 hours, there are several economic events poised to spike participation:

Country                        Event

Australia                       RBA Meeting Minutes

Eurozone                      Draghi Speech

Germany                       Zew Survey-Economic Sentiment (June)

U.K.                                Carney Speech

All in all, the economic calendar for the coming days is jam-packed. If you are trading forex, be ready for the action to pick up considerably as the Tuesday session gets underway.

USD/JPY: Technical Outlook

Last Friday brought relatively tight trading conditions to the USD/JPY. Rates extended the nearly three-week consolidation pattern within the 108.00-108.50 area.

Here are three levels worthy of note going into midweek trade:

• Resistance(1): Bollinger MP, 109.07
• Support(1): Daily SMA, 108.49
• Support(2): Swing Low, 107.81

Overview: From a technical standpoint, it is difficult to ignore the Daily SMA (108.49) for the USD/JPY. This area is drawing decent two-way action. In addition, it is currently set up as daily downside support. However, just like the other forex majors, pricing is very likely to change as Wednesday’s FED Announcements draw near. For the time being, it may be best to take a cue from institutional traders and shift our focus to the Tuesday session.