logo |

News

    Home   >     Industry    >     Main body

    USD/JPY Forecast Before FOMC Rate Decision

    Abstract:These are the updated targets and invalidation levels that matter on the USD/JPY weekly price chart heading into tomorrow’s highly anticipated FOMC rate decision.
    0922.jpg

      The Japanese Yen rallied more than 0.6% against the US Dollar since the start of the week with USD/JPY plummeting into the range lows at multi-month uptrend support – the battle lines are drawn. These are the updated targets and invalidation levels that matter on the USD/JPY weekly price chart heading into tomorrows highly anticipated FOMC rate decision.

      USD/JPY is at uptrend support here (near ~109.07) just ahead of the Fed and the focus is on the weekly close with respect to this trendline. Advances should be capped by channel resistance (currently near ~110) IF price is indeed heading lower with a break exposing the August lows at 108.72 and critical support at 107.86-108.19- a region defined by the 2017 low-week close, the 100% extension and the 38.2% Fibonacci retracement of the yearly range. Ultimately a breach / close above the 61.8% retracement at 110.53 would be needed to mark resumption of the broader uptrend towards 111.60s again.

    01.png

      USD/JPY is now testing the lower bounds of a multi-week price range and were looking for a breakout in the days ahead to offer guidance. From at trading standpoint, a good zone to reduce short-exposure / lower protective stops – look for a reaction / price inflection the yearly upslope with a close below threatening a larger correction towards 108. Stay tuned for the next 24 hours with central bank rate decisions from the Bank of Japan (BoJ) and the Federal Reserve on tap.

    s.asia.jpg

    Australia Dollar

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand

    United States Dollar

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand
    Current Rate  :
    --
    Amount
    Australia Dollar
    Available
    -- United States Dollar
    Risk Warning

    The Database of WikiFX comes from the official regulatory authorities , such as the FCA, ASIC, etc. The published content is also based on fairness, objectivity and fact. WikiFX doesn't ask for PR fees, advertising fees, ranking fees, data cleaning fees and other illogical fees. WikiFX will do its utmost to maintain the consistency and synchronization of database with authoritative data sources such as regulatory authorities, but does not guarantee the data to be up to date consistently.

    Given the complexity of forex industry, some brokers are issued legal licenses by cheating regulation institutes. If the data published by WikiFX are not in accordance with the fact, please click 'Complaints 'and 'Correction' to inform us. We will check immediately and release the results.

    Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.

    Special Note, the content of the Wikifx site is for information purposes only and should not be construed as investment advice. The Forex broker is chosen by the client. The client understands and takes into account all risks arising with Forex trading is not relevant with WikiFX, the client should bear full responsibility for their consequences.