USD/JPY Bounce At 107.80 Should Target 108.50
The USD/JPY is in uptrend and we could see another bullish impulse. However, the most important event today is the FOMC Press Conference and Rate decision.
The FED is expected to cut the rate by 0.25 % ( 2.25 % to 2.00 %). The move is pretty much expected so the FOMC presser will be more important unless some major surprise happen like for example, no rate cut.
Technically, the USD/JPY is bullish, bouncing from the 107.80 zone and targeting 108.50. If the price makes a breakout and closes above 108.50 then 109.60 is next. Above 109.60 , 110.13 will be the target. Watch for volatility during today’s FOMC press conference and during the late US session.
The analysis has been done with the CAMMACD.MTF template.
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Many green pips,
Nenad Kerkez aka Tarantula FX