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  • Japanese #Yen Forecast: $USDJPY Breakout Imminent- #FOMC Levels - https://t.co/U5iFDDlWPT https://t.co/f1thUfTOg6
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  • Pre-FOMC US Dollar Price Action Setups: EUR/USD, GBP/USD, USD/JPY https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2021/09/21/Pre-FOMC-US-Dollar-Price-Action-Setups-EUR-USD-EURUSD-GBP-USD-GBPUSD-USD-JPY-USDJPY.html https://t.co/Vyj5hwVXpi
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  • feels like we haven't had one of these in quite a while https://www.dailyfx.com/webinars/643096611 Pre-FOMC Price Action Setups, starting right at 1pm, top of the hour 1. USD PA setups 2. Evergrande worries 3. Stonks - fly or die? https://t.co/VF15XbuuJS
  • That all said, staying patient and not chasing is prudent here imo. Tomorrow will likely be better for assessing short-term directional bias (China markets open again following holiday, post-FOMC).
  • Also, S&P Global put out a report overnight that said China would likely step in to curb “far-reaching contagion” re: Evergrande. The House is scheduled to vote on a stopgap funding bill Tuesday, which might be alleviating some investor angst around the debt ceiling as well.
US Dollar Likely to Remain in Range versus Yen

US Dollar Likely to Remain in Range versus Yen

David Rodriguez, Head of Product
US Dollar Likely to Remain in Range versus Yen

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USDJPY Retail FX traders remain long the US Dollar versus the Japanese Yen, but a noteworthy pullback in positions leaves us with an admittedly unclear short-term trading bias.

Trade Implications – JPY Pairs: Last week we wrote that heavily one-sided positions warned of a potential USDJPY breakdown, but a sharp rally clearly negated our calls for weakness. The Dollar continues to trade in a choppy range versus the Yen. Absent a break above multi-month highs near ¥120.80 or below ¥115.60 such indecisive price action seems likely to continue.

See next currency section:AUDUSD - Australian Dollar Targets Further Lows

Written by David Rodriguez, Quantitative Strategist for DailyFX.com

US Dollar Likely to Remain in Range versus Yen

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

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