USDJPY Trade Idea 1406-1806
Updated
From H4 perspective, USDJPY recently in an uptrend.
The price has been respecting the lower trend line of the ascending channel.
Price was bounced off from the lower trend line and key support of 109.30+-.
If the price were to retest again this area of confluence ie key level support, lower trend line of the ascending channel and SMA 200, look for buy opportunity till 110.30+-.
FOMC is set to have their meeting on Thursday 2am MYT, FED likely to hold rate unchanged at 0.25%, while the FOMC statement may create some volatility during the event as trader looking for a clue on the recent QE tapering. Follow by BOJ monetary policy statement usually by Friday afternoon.
Remarks from author
1)This analysis does not represent long or short trade immediately, it is solely on the author analysis
2)Trade at your own risk with proper lot sizing and follow your own trading plan
3)Risk management is always be the top priority
The price has been respecting the lower trend line of the ascending channel.
Price was bounced off from the lower trend line and key support of 109.30+-.
If the price were to retest again this area of confluence ie key level support, lower trend line of the ascending channel and SMA 200, look for buy opportunity till 110.30+-.
FOMC is set to have their meeting on Thursday 2am MYT, FED likely to hold rate unchanged at 0.25%, while the FOMC statement may create some volatility during the event as trader looking for a clue on the recent QE tapering. Follow by BOJ monetary policy statement usually by Friday afternoon.
Remarks from author
1)This analysis does not represent long or short trade immediately, it is solely on the author analysis
2)Trade at your own risk with proper lot sizing and follow your own trading plan
3)Risk management is always be the top priority
Trade closed manually
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