USDJPY Trade the break-out

USDJPY is on the strongest possible consolidation ahead of the Fed Rate Decision as it is trading sideways within the 4H MA50 (blue trend-line) and the 4H MA200 (orange trend-line). As you see on the chart, it is within a wider sideways Rectangle pattern that is unique in the sense that last time a similar structure took place in November, the break-outs targeted the 1.618 and -0.618 Fibonacci extension respectively.

As a result, if the price closes above the pattern, our target will be 114.500 (the 1.618 Fib) while if it closes below, our target will be 112.500 (the -0.618 Fib).

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