A comprehensive analysis of USDJPY prior to FOMC meeting
Hello traders, with the carnage that's going on in the Global Financial markets, it's really not a
surprise that US Dollar is gaining strength across the board. Adding fuel to the fire are the talks
of an upcoming recession and stock market crash.
With that in mind, let us take a look at what is happening in USD/JPY. As you can see, the price has
rallied very strongly over the last 3 weeks. Currently, USD/JPY is at a level that was last seen in 2002.
Keep in mind that price tends to react quite strongly at such historical levels.
With the FOMC meeting less than 12 hours away, I would refrain from placing any major bets on any currency pair
and I recommend other traders to do the same. However, if the price spikes to 135.30 or higher during the FOMC
meeting, I would try a sell entry with 130 as my TP over the next couple of weeks.
Keep in mind, that the above setup is strictly speculative and it would be invalid if USD/JPY breaks the resistance
level strongly.
surprise that US Dollar is gaining strength across the board. Adding fuel to the fire are the talks
of an upcoming recession and stock market crash.
With that in mind, let us take a look at what is happening in USD/JPY. As you can see, the price has
rallied very strongly over the last 3 weeks. Currently, USD/JPY is at a level that was last seen in 2002.
Keep in mind that price tends to react quite strongly at such historical levels.
With the FOMC meeting less than 12 hours away, I would refrain from placing any major bets on any currency pair
and I recommend other traders to do the same. However, if the price spikes to 135.30 or higher during the FOMC
meeting, I would try a sell entry with 130 as my TP over the next couple of weeks.
Keep in mind, that the above setup is strictly speculative and it would be invalid if USD/JPY breaks the resistance
level strongly.