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Forex technical analysis: USDJPY stands at the top of the trend line today — Forex Stock Trade

Forex technical analysis: USDJPY stands at the top of the trend line today

Lower on the day, after the rising trend line held.We are seeing a lot of the top and bottom of the wooden language today. The FOMC will begin their two-day meeting, and the market is looking forward to the start of the US balance sheet relax. The decision will be at 2 P.m., followed by an hour of Chair Yellen. The Fed will also publish the central tendency of the inflation, growth and employment. The Impact of the twin hurricanes is expected to have a negative effect in the short term, with an increase further.

The point is, there will be a lot of Fed stuff tomorrow. Today that may be affected by the «quadrature» flow traders position themselves for the risk event. So, be aware.
That said, the techniques can come into play.
Looking at the hourly chart of the USDJPY, the market has been following a big trend line over the last few trading days. On Friday, the pair stalemate near the line. Yesterday, the price reached the top of the range and fell just short. Today, the «plus» has been able to touch the line, and sellers are bent. That line came to 111.87 and this is where the price of the impasse .
Why did it stall?
One of the reasons…because the risk can be defined and limited against that line.
If the line has not held, traders have «a little lost» (stops on a break of the trend line). If the line held, the traders stood to «make a bit».
This is the name of the game for traders/trading. Risk a little make more than a little.
The price has reached a new low that I typed to 111.34. The price closed yesterday at 111.553. We are down on the day. Watch the 111.55 level of risk intraday. The movement of the lower prices now stuck at the level of the front to break below it in the last hour of trading. Stay below keeps the sellers intraday more in control. A return above, and the waters are up to date before the Fed muddy scene.
On the flip side of the coin, if the price can continue to walk down the 100-day MA at 111.11 (easy to remember), will likely stall the fall.
Yesterday, the price moved above this key MA line and stayed above it. As the big trend line, this is a level where traders can risk a little make more than a few (with stops at the break).

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