Home Fed rate hike will push EUR/USD lower; USD/JPY remains a
Daily Look

Fed rate hike will push EUR/USD lower; USD/JPY remains a

Yohay Elam
Updated:

In today’s Forex Forecast, Wilson Leung of Trendsetter FX, offers the technical outlook for USD/JPY and EUR/USD, and further believes that a Fed rate hike tomorrow is unlikely.

https://youtu.be/wue0jcbbH40

USD/JPY: Buy the Dollar dips

Leung notes that USD/JPY has been consolidating in a triangle pattern from the past 3 weeks, the upside being around 121.74 and the downside at 118.60 area. He believes that the boost in risk appetite will result in selling pressure ahead in the Yen, and further suggests buying any Dollar dips.

If the Fed hikes rates tomorrow, Leung believes that USD/JPY will break to the upside of its triangle consolidation.

EUR/USD: 1.12 key for downside

EUR/USD is seeing a pullback, mostly due to a strong rebound in Cable on higher than expected wage growth in the UK, says Leung. He believes that further range trading is in sight for the EUR, but breaking below 1.12 will see additional downside towards the 1.11 area, while breaking above 1.1373 will be positive for the cross and upside towards 1.1450-1.1475 might be seen.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.

WARNING: The content on this site should not be considered investment advice and we are not authorised to provide investment advice. Nothing on this website is an endorsement or recommendation of a particular trading strategy or investment decision.  The information on this website is general in nature, so you must consider the information in light of your objectives, financial situation and needs. Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence or obtain advice where necessary. Crypto promotions on this site do not comply with the UK Financial Promotions Regime and is not intended for UK consumers. This website is free for you to use but we may receive a commission from the companies we feature on this site.

© forexcrunch.com All Rights Reserved 2017 – 2024