Today Federal Reserve Chair Jane Yellen and other FOMC members could give us cues about potential rate hike in June. Market doesn’t expect changes in Federal Funds Rate ( 0.50 % vs 0.50 %) decision today so we should focus on the statement itself as it is focused on the future. FOMC members always vote on where to set the target rate. All the individual votes are published in the FOMC statement afterwards.
USDJPY should be observed today as it is clearly in the range set by a Bearish Two Crows pattern. Pre FOMC range is 111.52-110.85. If we see 1h close above H3 camarilla PP or momentum breakout above 111.53 the pair could spike towards 111.85. Breakout below 110.83 should target 110.50 and 110.30. Be careful with ANY positions today as other USD and Yen crosses will be affected too.
USDJPY Hourly Chart