- Analytics
- News and Tools
- Market News
- USD/JPY Price Analysis: FOMC minutes could set the foundations for a breakout
USD/JPY Price Analysis: FOMC minutes could set the foundations for a breakout
- USD/JPY bulls aim for a break of 116 the figure with the FOMC minutes eyed.
- Bears will be seeking a break of the 115.80 support to open risk to 115.35.
Ahead of the Federal Open Market Committe minutes that are at the top of the hour, the price is trapped below the descending resistance line and has left a W-formation on the 1-hour chart. This is a reversion pattern where the neckline would be expected to draw in the price. In this case, the 50 EMA is a confluence that could act as support.
USD/JPY H1 chart
A retest of the support near 115.80 could equate to a bid back to the dynamic resistance. If this breaks, then bulls will be encouraged to push beyond 116 and towards 116.50 in the coming sessions. If the support breaks, however, then the bears will be keen on a test below 115.50 to 115.35 support.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
