The Yen is on the Charge: Here’s How to Trade it - Forex News by FX Leaders

The Yen is on the Charge: Here’s How to Trade it

Posted Wednesday, November 1, 2017 by
Rowan Crosby • 1 min read

Given the fact that it’s FOMC day, it looks like the Yen has decided to preempt any interest rate rise and make the move higher on its own. There’s a strong chance of a rate rise at the December meeting and if that’s mentioned today then I think the USD might go on a tear.

As it stands we are moving in on 114 which as yet we haven’t really been able to crack. I’m bullish on the Yen, and I would be tempted to take a buy ahead of a break of that level.

It’s tough to trade ahead of a big announcement, but like I said it appears that the Yen is jumping the gun a bit and moving higher.

Post-announcement I would be happy to buy the USD/JPY on a break above key resistance at 114.50 if it looks like holding as I suspect we will only strengthen heading into the December meeting.

 

Yen

USD/JPY – 240 min Chart.
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About the author

Rowan Crosby // Asia-Pacific Analyst
Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.
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