theopportunist_trader

FED rate decision vs technical analysis

FX:USDJPY   U.S. Dollar / Japanese Yen
The USD/JPY is currently in a weak symmetrical triangle pattern , this is also coincidentally where the 25 MA and the 13 MA look like they will be crossing over in the near future (I would moreover say 13 MA crossing above the 25 MA, indicating a bullish play). Also, the Coppock curve is positive, but is slowly reaching prior resistance, so this could mean a potential rebound if a bullish breakthrough occurs. However, a bullish breakthrough seems more likely since the Fibonacci 0.382 retracement line is providing support to the currency pair.

On the other hand, the FED interest rate decision is tomorrow. So, if the volatility is high and there is a bullish breakthrough, I would be expecting it to be very short-term. If there is a bearish breakthrough, then I would be expecting it to be short-medium term.
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