6:45 PM (EST) Update: USD/JPY continues to range between 121.50 – 118.50.
USD/JPY Daily: The pair wasn’t able to break out. 121.50 remains a key resistance level above Ichimoku Cloud’s .
Range Trading Forex Idea:
Range trading remains a profitable strategy
Fundamental Movers: Bank of Japan (BoJ) is expected to hold their interest rate press conference earlier Friday at Asian market open.
In the US, the freshly-released FOMC meeting minutes revealed that Fed officials said pretty much all they had to say during last month’s monetary policy statement, giving most forex market watchers the impression that they don’t know what’s next for the economy or monetary policy either. But what we do guess is that they are unlikely to hike interest rates next month.
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The Fed still remains the only major central bank more or less likely to hike interest rates this year, provided that the U.S. economy gets back on track with its recovery.
Technical Analysis: The dollar – Yen pair continues to range inside an extended triangle and opened above the Ichimoku cloud after forming a spinning top candlestick chart pattern below it last week. So that break below the Ichimoku cloud wasn’t quite the breakout we were looking for. The pair has teased the 121.50 level for the 3rd time since December 2014, making this price a very important psychological level for forex divas and forex divos.
Where to set your stops and limits:
| Support Levels | Turning Point | Resistance Levels |
|---|---|---|
| 116.90 | 118.50 | 121.50 |
| 112.30 | 119.50 | 123 |
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