USDJPY has being ranging for quite bit.Price is at a tricky place at the moment on the charts.No movement was observed today on the pair after the release of PPI(Producer price index) today.
Sentiment on this pair is bearish as investors/traders are still on the risk-on/risk-off scenario and because of concerns around omnicron variant.As little is still known about it at this point.
Inflation is higher than anticipated ,further confirmed today with the release of PPI,in the USA and the fed is expected to raise interest rates hence contracting money supply(printing of money).
According to ForexFactory.com the expected rate hike is above 0.25. Anything less than that will sent the US dollar crashing .
Technicall a head and shoulder pattern is being formed.
Looking for Shorts:
If the fed disappoints tomorow by maintaining its covid policies i will be looking for shorts, else no trade will be opened.
Sentiment on this pair is bearish as investors/traders are still on the risk-on/risk-off scenario and because of concerns around omnicron variant.As little is still known about it at this point.
Inflation is higher than anticipated ,further confirmed today with the release of PPI,in the USA and the fed is expected to raise interest rates hence contracting money supply(printing of money).
According to ForexFactory.com the expected rate hike is above 0.25. Anything less than that will sent the US dollar crashing .
Technicall a head and shoulder pattern is being formed.
Looking for Shorts:
If the fed disappoints tomorow by maintaining its covid policies i will be looking for shorts, else no trade will be opened.