28 Apr 2015
FOMC expected to be dovish, bearish on USD/JPY – Growth Aces
FXStreet (Barcelona) - The Growth Aces Team maintains a bearish outlook on USD/JPY while expecting the FOMC statement to exhibit the Fed’s dovish stance, targeting 117.20 levels.
Key Quotes
“We stay USD/JPY short in anticipation for dovish FOMC statement tomorrow. Layers of resistance continues to weigh heavily on the market between recent 119.44 and 119.67 highs. The tankan and kijun lines are negatively aligned, highlighting the overall bearish structure.”
“Resistance: 119.44 (high Apr 27), 119.66 (high Apr 24), 120.09 (high Apr 23)”
“Support: 118.77 (low Apr 27), 118.53 (low Apr 20), 118.33 (low Mar 26)”
“USD/JPY: short at 119.35, target 117.20, stop-loss 120.20, risk factor **”
Key Quotes
“We stay USD/JPY short in anticipation for dovish FOMC statement tomorrow. Layers of resistance continues to weigh heavily on the market between recent 119.44 and 119.67 highs. The tankan and kijun lines are negatively aligned, highlighting the overall bearish structure.”
“Resistance: 119.44 (high Apr 27), 119.66 (high Apr 24), 120.09 (high Apr 23)”
“Support: 118.77 (low Apr 27), 118.53 (low Apr 20), 118.33 (low Mar 26)”
“USD/JPY: short at 119.35, target 117.20, stop-loss 120.20, risk factor **”