Quiet pre-FOMC session develops into another USD sell-off

Discussion in 'Technical Analysis' started by FXStreet_Team, Apr 6, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    What started out as a quiet pre FOMC (minutes) session soon developed into another USD sell off, generated by a stop chase on USD/JPY through 110.00. We pushed below here on Tuesday to print 109.92, but this was extended in a further stop hunt, but we only managed to extend the downside by around 9-10 ticks before a snapback to 110.30 followed. Going into the London close, we settled back into a tight range above 110.00, and consolidation here likely until the 14.00 NY time release of the Fed

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