Bulls circle USD/JPY ahead of the FOMC meeting
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Whilst the US dollar has mostly retraced over the past couple of weeks against FX majors, it has held its own against then Yen. In fact, momentum is now turning higher after forming a triple bottom ~139 and breaking above a retracement line.
The most traded price during the prior consolidation is 139.55, which could provide a level of support if prices retrace ahead of its next leg higher.
Take note that overnight implied volatility has blown out ahead of the FOMC, so be prepared for some volatility before the next major move takes place.
The most traded price during the prior consolidation is 139.55, which could provide a level of support if prices retrace ahead of its next leg higher.
Take note that overnight implied volatility has blown out ahead of the FOMC, so be prepared for some volatility before the next major move takes place.
Not
It took until the Asian session post-FOMC meeting before this really caught a bid, but its low held above the triple bottom and only marginally traded beneath the POC support level. Now trading at a 7-month high ahead of tomorrow's BOC meeting, a move to the November high seems plausible unless the BOJ surprise tomorrow (which we doubt they will).
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