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USDJPY snaps tough resistance ahead of FOMC
video USDJPY managed to close clearly above the tough resistance of 134.35 on Tuesday before pulling back during Wednesday’s early European trading hours, boosting optimism that the bullish cycle could see further continuation ahead of the FOMC policy announcement today at 18:00 GMT. Some profit-taking cannot be ruled out in the short term as the RSI and the Stochastics seem to have reached a peak in the overbought territory and are looking for an exit, while the advance in the MACD seems to be losing momentum. Hence, traders may behave cautiously bullish in the coming sessions. Nevertheless, if the price slips ... (full story)