We have outlooked several promising Forex pairs and the result can surprise you!
USD/JPY looks vulnerable
Information is not investment advice
USD/JPY failed to close last week above the 200-week MA at 111.85. This is a bearish sign. The decline below the 50-week MA at 111.25 will open the way down to the support line and 100-day MA at 100.75. The short-term outlook will remain negative as long as the pair’s trading below the weekly pivot at 111.77.
This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
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.