The forex market currently reflects cautious optimism as traders await key decisions from the Bank of Japan and the Federal Reserve. USD/JPY and EUR/USD are in focus, with potential volatility driven by upcoming monetary policy signals and economic data. GBP/USD leads the rankings, supported by strong fundamentals and dovish Fed expectations, targeting 1.3700. EUR/JPY shows mixed signals amid recent rallies and uncertainty from Japan, presenting a short opportunity targeting 170.00. Meanwhile, USD/JPY remains resilient but highly sensitive to BOJ and US data. Overall, traders should monitor central bank meetings, key data releases, and sentiment shifts closely, while considering hedging strategies to manage volatility risks.