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