Investors awaited the conclusion of the bank of Japan’s meeting and testimony from Fed Chairman Ben Bernanke as well as minutes from the Fed’s last policy minutes later today. The U.S dollar traded higher against the Yen following the release of Japan’s trade deficit data for April, deficit widened to a larger than expected. The Fed is concluding its third round of massive bond purchases known as quantitative easing to help drive down interest rates and spur lending.
Trade Idea
EUR/USD
Strong resistance lies at 1.2935 level. A 4H break and close above that level could lead price to 1.2995. Alternative a break below 1.2895 targets 1.2835.
EUR/USD H4" title="EUR/USD H4" width="572" height="478">
Disclaimer • Risk Warning
This document should not be relied upon as being an impartial or objective assessment of the subject matter and is not deemed to be “investment research” as defined by the applicable law. This document has been issued by TFI FX only for information purposes and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action.