USD/JPY challenges 119.00 ahead of FOMC statement

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 27, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - USD/JPY gathered upside momentum and rose to test the 119.00 area as the dollar staged a decent rally across the board ahead of the FOMC statement on monetary policy, due at 19:00 GMT.

    US dollar reached fresh highs against the yen and reversed losses versus European peers during the New York session. USD/JPY climbed almost 100 pips over the last hours and peaked at 118.97 in recent dealings. The pair continues to trade just below the 119 mark ahead of the Fed decision, recording a 0.46% daily gain.

    While the Fed is expected to remain on hold at this meeting, focus will be on the statement for clues on the future path of interest rates.

    USD/JPY levels to watch

    On the upside, if USD/JPY breaks above 119.00 (psychological level), next resistances are seen at 119.80 (50% Fibo of 123.66-115.96) and 120.57/61 (50- & 100-day SMAs). On the flip side, supports could be found at 117.90 (10-day SMA), 117.65 (Jan 26 low) and 117.00 (psychological level).

    Trade Federal Reserve interest rate decision with FXStreet - Live Coverage

    Trade the US GDP with FXStreet - Live Coverage
    For more information, read our latest forex news.

Share This Page

free forex signals