Traders will be waiting to see if the Fed’s gauge of economic growth implies the market’s expectation of 3 rate hikes for 2018 or possibly a fourth?
The USD has been stronger this week and after a double-bottom and a bullish engulfing candle in the USDJPY, and entry long was taken risking 13 pips for a potential 72 pips to our daily target at 108.16 (not shown). Price moved up, but fell short of testing its Asian high before the London close. As price started to come back down in advance of the London close and FOMC meeting minutes, our trade is closed by our profit stop.
There is not a lot of major economic news releases this week, but the USD strength has continued thus far. As traders we can only take it one day at a time.
Good luck with your trading!
