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USDJPY: Long Trade Confirmation Pending

USDJPY: Long Trade Confirmation Pending

Ilya Spivak, Head Strategist, APAC

I was expecting today's FOMC outcome to be supportive of USDJPY. Although the outcome proved to be largely as expected, the market's reaction left a lot to be desired. I still see scope for US Dollar upside however as traders digest the outing and will look for confirmation on a daily close above 81.60 to enter long, initially targeting 83.71.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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