USD/JPY: Live Coverage Trade Update

USD/JPY: Live Coverage Trade Update

2021-07-29 • Updated

15M Chart         

jpy1.png                                                                                                                              

Daily Chart 

jpy2.png

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. The short signal was at 110.20 with a pending order to short again at 110.40. Many traders said the same thing “the dollar is going up, look at the reaction since the Fed decision”. Yet, I decided to short USD/JPY not just because I want to, but after reading the Federal Reserve statement, which showed NO change and no new information about tapering. USD/JPY dropped from 110.20 all the way down to 109.67 and we moved the Stop Loss to entry a few minutes after USD/JPY dropped below 110.0. So far, we are +50 pips in profit, and with the Stop at breakeven, there is nothing to be worried about. The lesson that many learned in yesterday’s live coverage is the following “Do not react to the initial reaction, always read the Fed’s statement, wait for a pullback and then join the trade, reacting to the initial reaction won't make you a successful trader”. Enjoy your profits.

S3

S2

S1

Pivot

R1

R2

R3

109.69

109.74

109.79

109.84

109.89

109.94

110.00

TRADE NOW

Similar

Can the CPI Release Reverse The USD? 
Can the CPI Release Reverse The USD? 

The upcoming August inflation data may send mixed signals. The 12-month headline inflation rate is expected to rise to 3.6%, causing concerns for the Biden administration. However, core inflation, which excludes food and energy prices, is projected to decrease to 4.3%, aligning with the Federal Reserve's goals. Past price trends influence both figures, so looking at recent data for a more accurate picture is crucial.

Will the NFP help the greenback?
Will the NFP help the greenback?

The odds of a final interest rate hike by the US Federal Reserve (Fed) this year have dropped after US job openings hit their lowest levels since early 2021. This has led to a correction in the US Dollar as traders reduced their bets on further rate hikes.

What To Trade In September
What To Trade In September

Here we go again, my friends. It’s time to look critically into the future of what trading opportunities September might have in store for us. As always, it is essential to note that the views expressed here are mine and should not be considered financial advice without proper examination.

Latest news

Gold is Rising Despite Inflation Returns
Gold is Rising Despite Inflation Returns

Gold prices are rising for three consecutive days ahead of the Federal Reserve (Fed) interest rate decision, which is expected to remain unchanged due to declining inflation and a positive economic outlook. Investors are keen on the Fed's interest rate guidance, fearing a hawkish stance that could trigger market risk aversion.

Can the Chinese Economy Recover?
Can the Chinese Economy Recover?

Amid concerns of a Chinese economic slowdown, reports of declining investment often overlook China's efficient investment strategy in emerging sectors for long-term growth. China has taken measures to stabilize foreign and private sector investments, like reducing the reserve requirement ratio to boost investor confidence.

Deposit with your local payment systems

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera