19th June USDJPY Market Analysis: The USD/JPY pair rallied during the session on Tuesday, breaking above the 95 handle. In fact, we managed to close above that level in order to show significant support in this general vicinity. With today being the FMOC meeting, we suspect that the next 24 hours will be very important for this pair. The market has been sold off rather drastically recently, and this is based upon the idea that the Federal Reserve may begin to “taper off” the quantitative easing that has been propping many of the markets up. Looking forward, we believe that a break above the highs for the session on Tuesday should signal the bounce that everybody has been waiting on, as this market should in the longer-term be very positive.
Posted on: Wed, 19 Jun 2013 05:08:45 +0000
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