After the summit in Singapore, markets went into a bit of risk-on mood, yet with tensions remaining between US and G7 allies on trade. the day was mostly quiet as usually before the FOMC rate day. This week is shaping to be probably the most important this year so far. With FOMC rate today, ECB tomorrow and BoJ on Friday.
After the summit USDJPY picked up again and has been bullish since Monday. Today’s Fed rate is almost fully priced in by now and another .25 rise in interest rate is expected. Price action is getting pushed towards a major resistance area to test it again. Particular attention will be on the press conference after the rate decision and Powell dropping clues about future rate hikes.
It will take significant buying pressure to break that level. A confirmed trend line and 111.5 level provide a major resistance area. A break above would signal a bull run.
Alternatively, we could see a dovish hike since rate hike is already priced in and a retest of the uptrend line.
During the rate decision prices get extremely volatile and a direction is not always clear at first.
Happy Trading!
After the summit USDJPY picked up again and has been bullish since Monday. Today’s Fed rate is almost fully priced in by now and another .25 rise in interest rate is expected. Price action is getting pushed towards a major resistance area to test it again. Particular attention will be on the press conference after the rate decision and Powell dropping clues about future rate hikes.
It will take significant buying pressure to break that level. A confirmed trend line and 111.5 level provide a major resistance area. A break above would signal a bull run.
Alternatively, we could see a dovish hike since rate hike is already priced in and a retest of the uptrend line.
During the rate decision prices get extremely volatile and a direction is not always clear at first.
Happy Trading!
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