USD/JPY: levels to trade on the Fed’s meeting
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Trade ideas
SELL 108.30; TP 107.85; SL 108.45
BUY 109.10; TP 109.60; SL 108.90
USD/JPY consolidated between 108.40 and 108.95 ahead of the Federal Reserve’s meeting later today. The market has been waiting for this event for a long time and it should pave the future of the currency pair. The short-term dynamics will surely be volatile.
Technically, resistance looks harder to break than support. However, if USD/JPY manages to get beyond 109.00, it will be able to target 109.60 (50% Fibo of the April-June decline). On the downside, we focus on the 108.35 level (50-day MA). A decline below this point will open the way down to 107.85 (early June lows). The next support will be at 107.50.
