Ahead of the big event (FOMC), we have spotted a very vital language put forward by the chart. join me as we look through Pre FOMC USDJPY Technical Outlook
15 March, AtoZForex -The dollar remained on the back foot ahead of a crucial day in FX trading as traders awaited the FOMC meeting decision and press conference in few hours from now. The greenback is trading lower across the board. Especially so against sterling which popped above the 1.2200 barrier in early London trade.
Pre FOMC USDJPY Technical Outlook
Looking through the 4 hourly frame of the USDJPY, a map has been drawn ahead of the key FOMC event. A fractal model has surfaced which is suggesting a bearish move ahead. If the fractal model is correct, then 115.51 should continue to cap while the equality target of 111.68 should be the target area going by the language of the fractals. Hopefully, the key FOMC event may the fuel needed by the U.S dollar to push through to the equality target. Reckon that as long as 115.51 continue to hold as resistance, our outlook based on the fractal model remain intact.
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