USDJPY bulls gearing up ahead of FOMC
Watch out for USD/JPY as the BOJ's commitment to continue its ultra-loose monetary policy last week weighs on the Yen, all whilst the USD is finding renewed support as markets reprice expectations about year-end rates after the RBA renewed hiking overnight. Markets are now pricing in 22 bps of cuts by December, down from 45bps last week.
USD/JPY has bounced off the upper band of its ascending triangle this morning, which has halted the advance so far, but further bullish momentum is likely to arise if the Fed continues to show a hawkish stance at tomorrow's FOMC.
Clearing resistance at 138.20 is the next key area to watch out for
USD/JPY has bounced off the upper band of its ascending triangle this morning, which has halted the advance so far, but further bullish momentum is likely to arise if the Fed continues to show a hawkish stance at tomorrow's FOMC.
Clearing resistance at 138.20 is the next key area to watch out for
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