Critical Price Levels Ahead of Fed Decision
Below are the key price levels for the Euro and Yen identified by DailyFX quantitative strategist David Rodriguez in his Weekly Volume at Price report.
_
EUR/USD
Total Buy Volume Executed, Total Sell Volume Executed, Net Volume Executed (Buy-Sell)
Length of bar indicates the sum of Buy and Sell volume.
The Euro trades above key price and volume-based congestion levels at $1.12, and a hold above said level leaves near-term focus on a comparable price ceiling near $1.14. Extraordinarily choppy market conditions have nonetheless made it difficult to sustain a meaningful trading bias. Well watch for any major breakouts in either direction given the near-guarantee of major FX market moves in the days ahead.
_
USD/JPY
Total Buy Volume Executed, Total Sell Volume Executed, Net Volume Executed (Buy-Sell)
Length of bar indicates the sum of Buy and Sell volume.
The US Dollar continues to hold substantial volume-based support versus the Japanese Yen near the 119 mark, and indeed traders seem content to keep it in a narrow trading range ahead of the highly-anticipated US Federal Reserve interest rate decision on September 17. Near-term resistance remains the recent reaction high of 121.60. A break above sees little in the way of substantial resistance until considerable volume-based congestion near 123.50.
Below are the key price levels for the Euro and Yen identified by DailyFX quantitative strategist David Rodriguez in his Weekly Volume at Price report.
_
EUR/USD
Total Buy Volume Executed, Total Sell Volume Executed, Net Volume Executed (Buy-Sell)
Length of bar indicates the sum of Buy and Sell volume.
The Euro trades above key price and volume-based congestion levels at $1.12, and a hold above said level leaves near-term focus on a comparable price ceiling near $1.14. Extraordinarily choppy market conditions have nonetheless made it difficult to sustain a meaningful trading bias. Well watch for any major breakouts in either direction given the near-guarantee of major FX market moves in the days ahead.
_
USD/JPY
Total Buy Volume Executed, Total Sell Volume Executed, Net Volume Executed (Buy-Sell)
Length of bar indicates the sum of Buy and Sell volume.
The US Dollar continues to hold substantial volume-based support versus the Japanese Yen near the 119 mark, and indeed traders seem content to keep it in a narrow trading range ahead of the highly-anticipated US Federal Reserve interest rate decision on September 17. Near-term resistance remains the recent reaction high of 121.60. A break above sees little in the way of substantial resistance until considerable volume-based congestion near 123.50.
