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USDJPY News Update – Pre-FOMC Outlook

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USDJPY News Update – Pre-FOMC Outlook

Coming in 2 days, arguably the most necessary FOMC meeting will take place and the last chance of the year to raise the interest rates is this meeting. If they do raise the rates, then the USD is predicted to rise. And with it, all USD/xxx crossed pairs should do the same. therefore if that’s the case, then what happens to the USDJPY pair? Already, in front of this meeting, the USDJPY has already been on a {strong|a robust|a powerful} rise following the very strong and sustained drop from more than a year ago.

DAILY CHART that huge move up you see that took place in the current MONTHLY chart above is broken down in this Daily chart and you’ll see that it was a wave iii according to my wave count. In fact, the way I have it labeled is that it was a wave iii of (iii)! the most powerful of the most powerful waves in wave counting! the problem (if you {can|you’ll|you’ll be able to} call it a problem if you’re still LONG on this pair!) is that it’s not easy to judge once such a powerful wave is to end! It can extend for awhile! As you’ll see in my Daily chart below, I still do not see the end yet! It still has some more to go.

And being that i’m counting this as the wave ii of (iii), that means that the overall larger wave (iii) is also not done!  4HR CHART in this current updated 4HR chart of USDJPY, what you see is how i’m projecting that this wave iii should finish. what is obvious is that I still see it heading higher! it is not done yet! more than likely, the FOMC interest hike will drive it higher. most likely in the form of a spike high. but be warned! i do not see that it’ll drive it THAT much more higher since much of this rate hike is expected and prices into the charts already making any reaction to the rate hike just icing on the cake.

USDJPY News Update

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Mohammmad Riad

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