USD/JPY in uptrend before FOMC decision

Nenad Kerkez Top-XE

The USD/JPY is going up in a strong bullish zigzag that is supported by ascending trend line. Market is expecting a 0.25 % rate increase and it could have already been priced in the USD/JPY bullish move. However before the Federal Funds Rate decision and FOMC statement we might have another bullish setup within POC zone. 114.85- 115.00 (L3, DPP, 38.2, EMA89, ascending trend line) could reject the price if we see a retracement. The target is 116.10. If we don't see a retracement then a 4h close or strong 1h momentum above 116.12 could spike the price up towards H5 -116.70. So pay attention either to a retracement or spike above H4 camarilla pivot.

USD/JPY Current Trading Positions"

Sell 25%

Buy 75%

Avg Sell Price 112.00

Avg Buy Price 112.61

Liquidity Distribution

Author

Nenad Kerkez

Top-XE

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