After the FOMC statement release yesterday, most major currency rallied against the USD as investors factored in an increased probability of a delayed rate hike by the Fed. Looking into the longer term, dollar/yen strength is expected to continue. Japan's inflation rate is projected at 0% with plunging oil prices amongst other factors affecting the efforts of Abenomics. Fundamentally, Yen is likely to stay weak if the BOJ remains convicted. Prices are likely to stay within range till further actions (perceived) by the Fed or BOJ. Personally favour the upside for dollar/yen with immediate support at 119.3022(50 EMA).
As usual, trade safe and seek higher r:r ratios
As usual, trade safe and seek higher r:r ratios