Hi Traders!
This is a critical week for the US dollar. The US dollar's long term direction heavily weighs on the outcome of the Federal Reserve's interest rate decision and their statement this coming Wednesday.
Here on the USDJPY 3H chart, the price action shows that since the 140.934 high shown on the chart, the sellers have taken over, and we have had numerous attempts to break back above 140, but have failed to do so.
That being said, traders are still trying to push upward. As you can see on the chart, we have higher highs and higher lows on the price swings and have now established an upward price channel.
Depending on the outcome of the Federal Reserve's decision on Wednesday, if there is a positive outlook on the US dollar, we may get a break above the 140 area with a possible continuation to test the 141 level again. If we do not get this, then a break and close below the 139 area is likely, and our long term outlook on the US dollar will change to bearish and we will look for opportunities to the downside.
This trading week will be very busy with all of the upcoming fundamental announcements, and there are bound to be big market moves, so make sure you trade safely and responsibly.
Please remember to like, follow, and comment, as this helps us greatly.
We appreciate your support.
BluetonaFX
This is a critical week for the US dollar. The US dollar's long term direction heavily weighs on the outcome of the Federal Reserve's interest rate decision and their statement this coming Wednesday.
Here on the USDJPY 3H chart, the price action shows that since the 140.934 high shown on the chart, the sellers have taken over, and we have had numerous attempts to break back above 140, but have failed to do so.
That being said, traders are still trying to push upward. As you can see on the chart, we have higher highs and higher lows on the price swings and have now established an upward price channel.
Depending on the outcome of the Federal Reserve's decision on Wednesday, if there is a positive outlook on the US dollar, we may get a break above the 140 area with a possible continuation to test the 141 level again. If we do not get this, then a break and close below the 139 area is likely, and our long term outlook on the US dollar will change to bearish and we will look for opportunities to the downside.
This trading week will be very busy with all of the upcoming fundamental announcements, and there are bound to be big market moves, so make sure you trade safely and responsibly.
Please remember to like, follow, and comment, as this helps us greatly.
We appreciate your support.
BluetonaFX
