USD/JPY- Still ranging... awaiting breakout.

USD/JPY has still been in a ranging market structure between 111.000-111.800. Since the Fed rate hike a couple weeks ago UJ has found itself stuck between these prices, to me it looks like bullish consolidation based on the trendlines, EMA and double bottom pattern. Although I have a long bias on USD I dont know which way this pair will trade until we hear the speech given by FED chair Janet Yellen tomorrow afternoon (EDT). I will be looking for any hawkish comments made that indicate the FED plans to go through with atleast another (maybe 2) rate hikes this year despite the weaker economic data we have seen since 1 month ago. Although previous NFP data didn't change the views of the FED outlook for the rest of 2017 they planned to stay on course after the last meeting, this gave USD a jolt up to higher prices. If for whatever reason the FED determines that next week NFP could be worse than previous and economic data does not support the plan of further tightening of monetary policy USD could lose strength.

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Boom