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USD/JPY needs hawkish Fed, else say adios to Brexit low

FX:USDJPY   U.S. Dollar/Japanese Yen
At the time of writing, USD/JPY             pair was trading around 100.77 levels. The pair clocked a high of 102.78 after BOJ came out ‘yield curve control’ plan before resuming its downward journey.

For bulls the only respite would be a hawkish Fed. As Richard Perry , Market Analyst for Hantec Markets stated on our show - Fed needs to talk hawkish else USD/JPY             goes through the floor.

Check the segment with Richard Perry from Hantec Markets titled “Fed needs to talk hawkish else USD/JPY             goes through the floor” here - https://www.youtube.com/watch?v=VEfQN4blzls

We agree with Perry’s view. If the Fed remains neutral (which would be read as being dovish), the pair would re-test and most probably take out Brexit low of 98.79.

I case, the Fed comes out hawkish (signals rate hike or hikes rate today) we could go higher to 102.00 level. However, bearish invalidation is seen only if prices see a day end close above daily falling trend line resistance.
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