It’s month end this week and trading can be choppy especially when combined with Jerome Powell and the FOMC statement on Wednesday.
Today a USDJPY long was taken as the pair continued to stay above 108.00. – risking 11 pips for a potential 26 pips to our daily target at 108.58 early in the U.S. session overlap.
Although this pair has not been nearly as active as the GBPUSD or USDCAD of late, it managed to climb to our target and then some… after we closed the trade at the U.K. close.
The U.S. economic data continues to be very positive overall and the infection rate continues to drop as more and more Americans are vaccinated. With the DXY closing below 91.00 since Friday, the picture remains bearish at the moment for the dollar as we will await the outcome of the FOMC tomorrow.
Good luck with your trading!
