Long Usd/jpy Into the Fomc Meeting and take Profits Before the Projections

Long Usd/jpy Into the Fomc Meeting and take Profits Before the Projections


Quotes from Barclays Capital:
-We think that a result in line with our economists' view (i.e., the extension of OT for several months) would be USD/JPY positive as the market is likely disappointed with the lack of more aggressive actions by the Fed.
-However, this is likely to be offset by the projections and Bernanke 's press conference, which would sound more dovish relative to April on the back of soft run of economic data and external headwinds.
-Therefore, we recommend investors going long USD/JPY into the policy decision announcement (12:30 EST) and take profits before the economic projections come out later in the day (14:00 EST) as a tactical trade.


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