Long USD/JPY on dips into FOMC/NFP
USD/JPY has been consolidating the recent rally from Y112 in a fairly stable Y113-114.50 range, the next few days are really important for the USD with FOMC meeting tomorrow in the US session and then Friday NFP US Jobs numbers.
The last NFP was the day the USD/JPY broke Y112 but this time we are higher and the market is looking for the FED to update its forecast and inflation fears.
This pair is very sensitive to US interest rate expectations so the FOMC statement will be carefully scrutinised and it wont take much for the current trend to continue of the market pricing in tapering and then rate hikes quicker than currently expected.
NFP is more a direct play on the numbers and if we are above Y115 by then it gets more dangerous as it would be overbought positionally into big data so a downside miss would move the market more.
The last NFP was the day the USD/JPY broke Y112 but this time we are higher and the market is looking for the FED to update its forecast and inflation fears.
This pair is very sensitive to US interest rate expectations so the FOMC statement will be carefully scrutinised and it wont take much for the current trend to continue of the market pricing in tapering and then rate hikes quicker than currently expected.
NFP is more a direct play on the numbers and if we are above Y115 by then it gets more dangerous as it would be overbought positionally into big data so a downside miss would move the market more.
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