USD/JPY Price Analysis: Bulls and bears await the Fed, the lines are drawn

USD/JPY now all depends on the outcome of the Federal Reserve.
USD/JPY bears need to get below 134.00 while the bulls need to get above 135.60 and then 138.00.

Ross J Burland FXStreet

As per the prior analysis, USD/JPY bears are moving in again ahead of the Fed, the bears have stayed the course and there are high probabilities of a downside continuation, depending on the outcome of the Federal Reserve today.

USD/JPY prior analysis

It was stated that USD/JPY was eying up the 130.00 area that could be tested in the coming days or weeks if the bears stay the course.

It was said that eyes were turning to the Fed and on a dovish outcome, the level could be reached before the close of the week, noting that tt has not been uncommon for the yen to fly 500 pips in a week:

USD/JPY update

As illustrated, the continuation is in process with a fresh low already in place ahead of the Fed. The bears need to get below 134.00 while the bulls need to get above 135.60 and then 138.00.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

EUR/USD: Gains remain capped by 1.1650

EUR/USD remains in recovery-mode following the closing bell in Euroland on Wednesday, hovering around the 1.1650 zone amid renewed downside pressure on the US Dollar and a marginal improvement in the global sentiment.

GBP/USD appears bid around 1.3370

GBP/USD reverses part of its recent multi-day decline, gathering some balance and managing to reach the 1.3400 region, where some initial resistance seems to have turned up. Cable’s uptick comes in response to some loss of momentum in the Greenback despite the geopolitical scenario remaining fragile.

Gold recovers modestly despite intensifying Middle East crisis

Gold keeps its daily gains well in place, although a break above the $5,200 mark per troy ounce still remains elusive on Wednesday. The yellow metal’s rebound comes in response to the persistent flight-to-safety amid intense geopolitical tensions in the Middle East and the bearish performance of the US Dollar.