09.06.2020
The pair is at a strong support level of 108.00 in anticipation of the Fed’s monetary policy decision, as it is possible that Jerome Powell will hint at the easing of stimulus measures amid the quick recovery of the US economy from the coronavirus pandemic.
Technical side:
The price is below the middle Bollinger band, below SMA 5 and SMA 14. RSI is below the 50% level and indicates a slower decline. Stoch are in the oversold zone and uninformative.
Trading recommendations:
If the pair does not hold above 108.00, it is likely to continue correcting down to 107.00.
The USDJPY rate online: monitor the movement of the pair in real time.
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