For today we should beware the FOMC meeting tonight, because this time they will want to make a decision about the tapering of QE from $85 billion to $75 billion. The FRS will reduce QE approximately by $10 billion, but we do not know exactly what result it will be. However, we believe the market will move in a range and be included in choppy situation until the meeting ends. Suggestion is waiting for the news release and do not open any position before an hour after the meeting; however if you already have a floating position from the previous day, you should tight your risk and set your Stop Loss level during this FOMC meeting.
TODAY's TECHNICAL LEVELS:
Resistance. 3 : 99.77.
Resistance. 2 : 99.57.
Resistance. 1 : 99.38.
Support. 1 : 99.13
Support. 2 : 98.94.
Support. 3 : 98.74.
DESCRIPTION:
Please, pay attention to the levels of support 3 (98.74) and resistance 3 (99.77). Normally, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.
Best regards,
Official Analyst of InstaForex Group
InstaForex Group
https://instaforex.com
Email : Arief.jakarta@indo.instaforex.com
blog.mt5.com/arief
https://www.mt5.com/forex_analysis_award/profile/index/arief
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