USDJPY – Big Winner From Today’s FOMC With Massive Bull Breakout
Yesterday we commented in our notable mentions how the USDJPY had broken back above the key consolidation between 107.13 – 107.33. This re-taking of the consolidation after dipping below hinted at a bullish move with bulls stepping in on the dips.
Taking an interesting look at the 5 minute chart below, we can see a stair stepping like movement to the USDJPY, which today initially sold off post the FOMC announcement, touching the prior consolidations highs before bouncing higher.
This 107.35 became a launching pad, which sent the pair +100 pips higher in a matter of a few hours. You can see the very clean price action structure …... Keep reading