piphunters
Short

USDJPY: PRE FOMC - Techinals point to a drop of 300 pips

FX:USDJPY   U.S. Dollar/Japanese Yen
2021 16 51
The pair is in down trend as we have been mentioning all the time, it broke the triangle correction and had a beautiful text book style retest and rejection sending the pair to the downside again. tonight we have FOMC and technically it looks to me a potential 300 pips drop if the news favors a weaker dollar, if news is hawkish we can spike up momentarily before downside again resumes.

Note: Trading in or ahead of FOMC is extremely dangerous and there is absolutely noway to predict how the market will react so extreme caution will be required in planing any entries.

IMPORTANT: The setups posted here are not trade calls or signals and are intended for guidance purpose only and you should use your own strategy to determine entries and exits. They reflect my general view of the market and does not mean you should take the trades without a proper trading plan or strategy, If you would like to get all my setups together with exact entries and exits with please visit http://www.thepiphunter.com and subscribe.
Comment:
snapshot
Exactly! I traded down a bit with profit but I'm done for now as it's getting closer to the major news:) Great Analysis!
Reply
thanks, the USD looks poised for some battering tonight, we'll see :)
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TradZ piphunters
this morning for me:0 But yes I'm excited to see what happens. I plan to trade up and down I dnt care how volatile! I know how to play these big movements now so, I hope to make some nice change for a wonderful boost:) Really, it depends how I see it but I'm using H.A. Candles so, I should be good - Cut losses quick and let profits ride:)
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good luck!
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TradZ piphunters
I don't know what Luck is, I do however know what skill is:0
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term for generic good wish :)
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TradZ piphunters
hahah funny! I know what it means but that was just my way of saying that I don't believe in that word
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alright mate best wishes on your scalping.
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TradZ piphunters
Thank you, now that word is more acceptable to hear(to me@least). Luck sounds more like ppl don't mean it but just say it lol
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i think usd go down around 99 98. Mr. kuroda will do everything to bring back change around 101
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piphunters giovannicanu
let's see, we traded below 88 during Kuroda and yes during those times he was able to get it up to 125 but seems things are changing again and they need to show to the market that the economy is out of trouble which ain't happening, also no Kuroda can prevent or a global risk event like an economic, geopolitical or a stock market crash which would be followed by a massive sell off of the pair from the four corners of the world.
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TradZ piphunters
I'm thinking of placing two orders@the same time going the opposite direction from each other, hmmm! Idk lol
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that's a hard trade, if you check monthly it's at a strong support level
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I'm still thinking:

snapshot


So would fit perfect!
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Great chart mate, caught some of the FOMC heat
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thanks
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