Hello all, USDJPY spot shows consolidation of prices in an ascending formation with top resistance at 113.95. Traders eyes are on Fed's monetary policy statement to be published today. I believe we see a strong Long move after the statement today. A strong move is expected due after a long period time of consolidation (about 20 days) in range of 112.70-113.70. Option implied volatility is also higher, a fact that supports a strong move. There is a possibility that 113.95 will hold, and then the marker is going to examine 112.70 support again. Good Luck !
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