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USD/JPY: follow the push higher
Information is not investment advice
USD/JPY formed a higher low at the end of last week. Today the pair is testing levels above the 50-day MA. There’s scope for a move up to the 106.50 area if it manages to overcome 106.00. Notice that that area will offer strong resistance so we don’t offer further targets for now.
Trade idea for USD/JPY
BUY 106.05; TP 106.50; SL 105.90
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates? Recall that the Federal Open Market Committee had previously ended the year 2022 with a 50bps hike, and an indication from Powell, the committee chairman, that the Fed could consider raising interest rates by 75bps in the course of the year 2023.
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