Apple, Microsoft, and Google reported their financial results for the second quarter. Despite strong earnings, the companies closed in red yesterday. Why? What to do now?
USD/JPY: trading the red channel
Information is not investment advice
There are two processes happening with USD/JPY now from the technical perspective.
From the upside, there is the resistance range of 105.47 – 105.50, enforced by the 200-MA. It is providing the roof for the pair’s movement which has only been checked a couple of times since last week.
From the downside, there is an obvious bullish pressure pushing the pair to trade above 103.35 where it currently is. Now, it is consolidating right below the resistance mentioned above. That means, it may reverse to go down to 105.20 – that you will see if the price fails to enter the 105.47-105.50 range. Otherwise, if it crosses the red zone, you will likely see a breakthrough to reach 105.60.
Therefore, watch the red channel for reversal chart formations or crossing signs, and set your trades.
What will happen? Microsoft, the US IT company, will present its earnings report for the second quarter on July 27 after the stock market closes (23:00 GMT+3)…
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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 Federal Reserve decided to keep the current policy unchanged as widely expected, with no additional information about the timing of the tapering. In fact, in this meeting, the Fed mentioned tapering twice only.
Ichimoku Kinko Hyo USD/JPY: The USD/JPY pair is trading slightly below the cloud…