EUR/JPY is likely to move further within an uptrend. Look for the break out above 121.55!
USD/JPY will move on the FOMC meeting
Information is not investment advice
The meeting of the Federal Reserve at 21:00 Mt time will be the highlight of the day. There is a very high possibility that the event will make an impact on USD/JPY. The pair has opened with a gap down this week but got support around 108.90/70 (50-week MA, 100-day MA). However, on the D1, the 50-day MA has limited the recovery. The Awesome Oscillator on the D1 is negative, so USD/JPY may retest the 108.70/50 area. The next support will be at 108.05. The USD will slide if the Fed mentions the coronavirus. On the other hand, an advance above 109.30 will give the pair a boost towards 109.70.
Trade ideas for USD/JPY
BUY 109.35; TP 109.70; SL 109.20
SELL 109.05; TP 108.75; SL 109.20
GBP/CHF formed a "bullish engulfing" candlestick on the W1. On smaller timeframes, we see a higher low that makes the price action resemble an “Inverse Head and Shoulders” pattern.
It’s simply the question of time before gold price gets to the higher levels…