USDJPY: Large liquidity adjustment of the market
It's great to see you all again and discuss USDJPY today, promising to be a highly effective strategy.
Overall, USDJPY has demonstrated its strength with a remarkable breakout above 146.75, completely breaking free from the sideways trend and ending the previous strong uptrend. It's an impressive move from the bearish side up until now. Currently, this currency pair is trading around 146.64 and has lost -0.15% for the day.
Traders are opting to wait on the sidelines amidst uncertainty regarding the timing of the Federal Reserve's interest rate cuts. Therefore, the focus will still be on the highly anticipated policy decision by the FOMC later today. This decision will play a crucial role in influencing short-term momentum for the US Dollar (USD) and provide new direction for USD/JPY. Hence, it's not surprising that the main currency pair continues to face strong resistance around the 148.00 level.
In the short term, the 4-hour chart indicates a potential downward correction, with a projected retracement to the support level at 144.85 to readjust market liquidity as mentioned in the above overview.
Overall, USDJPY has demonstrated its strength with a remarkable breakout above 146.75, completely breaking free from the sideways trend and ending the previous strong uptrend. It's an impressive move from the bearish side up until now. Currently, this currency pair is trading around 146.64 and has lost -0.15% for the day.
Traders are opting to wait on the sidelines amidst uncertainty regarding the timing of the Federal Reserve's interest rate cuts. Therefore, the focus will still be on the highly anticipated policy decision by the FOMC later today. This decision will play a crucial role in influencing short-term momentum for the US Dollar (USD) and provide new direction for USD/JPY. Hence, it's not surprising that the main currency pair continues to face strong resistance around the 148.00 level.
In the short term, the 4-hour chart indicates a potential downward correction, with a projected retracement to the support level at 144.85 to readjust market liquidity as mentioned in the above overview.
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