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USD/JPY: levels to trade on the Fed’s meeting

USD/JPY: levels to trade on the Fed’s meeting

Information is not investment advice

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.    

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USD/JPY rose to the resistance of the 50-week MA at 106.00. The pair is not at the resistance line since the end of December.

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