The USD/JPY pair went back and forth during the session on Tuesday, essentially accomplishing nothing. The Federal Reserve and its announcement later today at 2:30 New York time will be important to the future this pair, as it will signal whether or not the Federal Reserve looks likely to taper off of quantitative easing over the next month or two. If that does appear to be the case, expect this pair to be one of the most strong in the Forex markets. In fact, we think that this market would head straight to 100, and probably of the 105 over the course of the next couple of weeks in that circumstance.
Written by FX Empire