See also
The test of the 155.27 level occurred when the MACD indicator was just starting to move upward from the zero mark, confirming a valid buy signal for the U.S. dollar. However, this did not lead to a significant rally, and after a 20-point increase, demand for the dollar declined.
Today, all eyes are on the FOMC rate decision, which is expected to be unfavorable for risk assets, including the Japanese yen. This could lead to a sharp rise in USD/JPY. However, before entering long positions, traders should carefully analyze the FOMC statement and listen to Fed Chair Jerome Powell's press conference.
If the Fed decides to keep rates unchanged, this could strengthen the U.S. dollar, putting pressure on the yen and increasing the likelihood of a sharp USD/JPY rally. However, before opening buy trades, it is essential to carefully evaluate the FOMC statement to understand the Fed's economic outlook and policy direction.
The statement will provide insights into the Fed's assessment of current economic conditions, helping traders anticipate future monetary policy moves. Additionally, Powell's press conference will be critical, as his comments could significantly impact the market.
For today's intraday trading, I will primarily focus on Scenario #1 and Scenario #2, aiming to capitalize on the downtrend continuation.
Important! Before entering a buy trade, ensure that the MACD indicator is above the zero mark and just starting to rise.
Important! Before entering a sell trade, ensure that the MACD indicator is below the zero mark and just starting to decline.
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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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