23, August 2016

USD/JPY (a 4-hour chart)

General review

USD/JPY pair has greatly strengthened during the Asian session today amid strengthening of the US dollar. Yesterday the FED official Fischer voiced the opinion that the regulator is to return to interest rate hike before the end of this year.

Current situation

The gap was formed at the start of trading day as USDJPY market opened close to 100.77-resistance level. This was followed by a pullback, but the gap was not filled- which might be a strong bullish signal. During the European session, the USDJPY pulled back to 100.32.

Trading recommendations

In today's market uncertainty, we expect the range trading within 99.90-107.78