JPY pairs Weekly Outlook and Trade Setups

Yes. Interest rate decision is coming up on 29th July. The Last wednesday of the Month. That's the FOMC that carries impact on USD.

USDJPY: Trade Update
price has formed a descending Triangle chart pattern on 1hr. This signifies sellers are willing to push price lower, but buyers have mounted a defence at the 162.298 price region.
A break below this price level will see a further downside to 161. 890

I will be expecting it...

I hope it has an effect on EU

The fomc minutes release like I said was something they discussed on 16-17 of last month so the market has already priced it and that was why there wasn't any impact

For me it's only a strong close above that rectangle with strong volume that can give that rise

The flag pattern was invalidated, but a good rejection from that support level is what can push price but if it fails to break above 114.597 then there can still be chances for two things.

Consolidation

Bearish movement

yeah the flag pattern has been invalidated. i'll be watching out for the buys next week. Will just be watching the market today.

Price came back for a retest of the bearish trendline it broke out from. I'll love to see a break above 114.29 to consider buys.

DXY- price has created the Second bottom i was expected at the 100.60 region. next i'll waiting to see it invalidate that bearish channel trendline (red) to fully confirm the pullback is over.

USDJPY update - Price broke below the 162.298 price region reacted briefly @161.89 and headed down to 161.311 where it made a rebound on a trendline Support.

Yeah that's right. The minutes was just a reiteration of what has already been set, which is a hawkish tone and they've already priced in.

From the statement we read a day before yesterday, interest rate forecast will be at 3.75% because they didn't give a further advancement in their speech and we are to confirm this with a sticky inflation or a more better than expected data for inflation

That's a sensible adjustment. Once a pattern is invalidated, it's better to reassess the order flow than force a setup. Patience often leads to cleaner, higher-probability entries.

A successful retest strengthens the breakout idea. I'd also watch for rising momentum or a higher low after the break, as that would add more confidence to the bullish continuation above 114.597

Dxy is still struggling with low momentum to go higher, if it breaks the 100.949 and go higher then it will reach the 101.296 level which will cause a trend change or end of the retracement we are seeing on dxy

The USDjpy has no trend change yet untill a strong break below that rectangle level, next week price action will be more clearer than this week

Okay I understand now...

We'll wait for the next one by ending this month then

We are not using just fomc we are using other fundamentals data, I will be updating my fundamentals trade by the end of today so we know how far we have gone fundamentally, then with that of next week so we can catch the fundamental trend change early

That's insightful

You're really good at fundamentals

Am updating the fundamentals so once the trend changes then we can trade it alongside oil price and get a long term trade not just jump in and out