USD/JPY around 95.00 ahead of FOMC
USD/JPY is trading on the downside today after moving up in the first 2 days of the week.
The picture on the daily chart remains far from bright. The pair has recently breached important support lines and the Ichimoku cloud. The Cloud itself has turned bearish for the first time since late 2012.
On the H4 and H1 charts the picture looks better. There was some consolidation within a triangle which was breached to the upside. However, as the greenback is now testing levels below 95.00, we can expect today broader and more volatile mores in the 96.00/94.00 range ahead and after the FOMC meeting results.
Further resistance lies at 96.70 and 97.40. Further support is at 93.78 (June low) and 93.55 (38.2% Fibo of the advance from September to May). The latter support is extremely important and its loss could provoke a decline to 92.70/50 (April lows) and even 90.40 (50% Fibo).
Watch FBS analysts speak on USD/JPY outlook
Chart. H4 USD/JPY