The USD/JPY is in uptrend and we could see another bullish impulse. However, the most important event today is the FOMC Press Conference and Rate decision.
The FED is expected to cut the rate by 0.25 % ( 2.25 % to 2.00 %). The move is pretty much expected so the FOMC presser will be more important unless some major surprise happen like for example, no rate cut.
Technically, the USD/JPY is bullish, bouncing from the 107.80 zone and targeting 108.50. If the price makes a breakout and closes above 108.50 then 109.60 is next. Above 109.60 , 110.13 will be the target. Watch for volatility during today's FOMC press conference and during the late US session.
The analysis has been done with the CAMMACD.MTF template.
For more daily technical and wave analysis and updates, sign-up up to our ecs.LIVE channel.
Elite CurrenSea Training Program(s) should not be treated as a recommendation or a suggestion to buy or sell any security or the suitability of any investment strategy for Student. The purchase, sale, or advice regarding any security, other financial instrument or system can only be performed by a licensed Industry representative; such as, but not limited to a Broker/Dealer, Introducing Broker, FCM and/or Registered Investment Advisor. Neither Elite CurrenSea nor its representatives are licensed to make such advisements. Electronic active trading (trading) may put your capital at risk, hence all trading decisions are made at your own risk. Furthermore, trading may also involve a high volume & frequency of trading activity. Each trade generates a commission and the total daily commission on such a high volume of trading can be considerable. Trading accounts should be considered speculative in nature with the objective being to generate short-term profits. This activity may result in the loss of more than 100% of an investment, which is the sole responsibility of the client. Any trader should realise the operation of a margin account under various market conditions and review his or her investment objectives, financial resources and risk tolerances to determine whether margin trading is appropriate for them. The increased leverage which margin provides may heighten risk substantially, including the risk of loss in excess of 100% of an investment.