Is that a bullish flag pattern or a potential pullback play?
I’m looking at these opportunities to catch the uptrend on USD/JPY!
Before moving on, ICYMI, today’s Asia-London Session Watchlist looked at a triangle breakdown on ETH/BTC. Be sure to check out if it’s still a valid play!
And now for the market events you need to watch out for:
Upcoming Catalysts on the Economic Calendar
FOMC member Daly’s speech at 3:00 pm GMT
FOMC member Bowman’s speech at 5:15 pm GMT
FOMC member Bostic’s speech at 6:50 pm GMT
FOMC member Waller’s speech at 7:00 pm GMT
If you’re not familiar with the forex market’s main trading sessions, check out our Forex Market Hours tool.
What to Watch: USD/JPY
We’ve got a bunch of FOMC members giving speeches today, so I’m keeping my eyes peeled for a big move on this dollar pair.
USD/JPY is consolidating tightly in what appears to be a bullish flag pattern on the hourly time frame.A break higher could set off a climb that’s the same height as the mast, which spans roughly a hundred pips.
There seems to be a good chance of this happening since the 100 SMA is above the 200 SMA to suggest that resistance is more likely to break than to hold.
If it breaks down, on the other hand, the pair might still find buyers at the area of interest around the previous consolidation pattern above the 113.00 handle.
Stochastic is still heading down, so there may be some bearish pressure left in play before the oscillator reaches the oversold region.
Hawkish remarks from FOMC policymakers might be enough to keep the dollar supported, especially if the officials give confirmation that a November taper is in order.
