USD/JPY in uptrend before FOMC decision

December 12, 2016

By Admiral Markets

The USD/JPY is going up in a strong bullish zigzag that is supported by ascending trend line. Market is expecting a 0.25 % rate increase and it could have already been priced in the USD/JPY bullish move. However before the Federal Funds Rate decision and FOMC statement we might have another bullish setup within POC zone. 114.85-115.00 (L3, DPP, 38.2, EMA89, ascending trend line) could reject the price if we see a retracement. The target is 116.10. However if we don’t see a retracement then a 4h close or strong 1h momentum above 116.12 could spike the price up towards H5 -116.70. So pay attention either to a retracement or spike above H4 camarilla pivot.

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Article by Admiral Markets

Source: USD/JPY in uptrend before FOMC decision

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