USDJPY: PRE FOMC - Techinals point to a drop of 300 pips
The pair is in down trend as we have been mentioning all the time, it broke the triangle correction and had a beautiful text book style retest and rejection sending the pair to the downside again. tonight we have FOMC and technically it looks to me a potential 300 pips drop if the news favors a weaker dollar, if news is hawkish we can spike up momentarily before downside again resumes.
Note: Trading in or ahead of FOMC is extremely dangerous and there is absolutely noway to predict how the market will react so extreme caution will be required in planing any entries.
IMPORTANT: The setups posted here are not trade calls or signals and are intended for guidance purpose only and you should use your own strategy to determine entries and exits. They reflect my general view of the market and does not mean you should take the trades without a proper trading plan or strategy, If you would like to get all my setups together with exact entries and exits with please visit www.thepiphunter.com and subscribe.
Note: Trading in or ahead of FOMC is extremely dangerous and there is absolutely noway to predict how the market will react so extreme caution will be required in planing any entries.
IMPORTANT: The setups posted here are not trade calls or signals and are intended for guidance purpose only and you should use your own strategy to determine entries and exits. They reflect my general view of the market and does not mean you should take the trades without a proper trading plan or strategy, If you would like to get all my setups together with exact entries and exits with please visit www.thepiphunter.com and subscribe.
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