The Federal Reserve decided to keep the current policy unchanged as widely expected, with no additional information about the timing of the tapering. In fact, in this meeting, the Fed mentioned tapering twice only.
USD/JPY: a SELL trade idea
2021-04-08 • Updated
The FOMC meeting minutes released on Wednesday showed that Fed officials are committed to supporting the economy until its recovery is more secure. Today the Federal Reserve’s Chair Jerome Powell may confirm in his speech that the US central bank aims to keep interest rates lower for longer.
What does it mean for traders?
As we've established, the US dollar may find itself under additional pressure in the near term. What is the best way to trade on a weaker USD? Have a look at USD/JPY. The pair is facing the long-term resistance line at the current levels. In fact, it couldn’t rise above 111.00 and returned below 110.00. The further slide may take the price to the 200-week MA at 109.00. The Awesome Oscillator on the D1 shows potential for further decline.
Trade idea for USD/JPY
SELL at 109.40; TP 109.00; SL 109.55
All eyes are headed towards the Federal Reserve's decision today, which is likely to have a notable impact on the markets, depending on what the Fed decides to say.
What will happen? FOMC statement will be announced at 21:00 MT (GMT+3) on Wednesday, July 27…
As we discussed in the previous article devoted to gold, the price is growing extremely fast after a dovish FOMC’s statement…
What happened? Facebook presented an earnings report on July 28…
In our FOMC Meeting live coverage on YouTube yesterday, we sent out a short signal on USD/JPY around 25 minutes after the decision and right before the press conference.