How we're trading USDJPY over the Bank of Japan Policy Statement...

This week the Bank of Japan release their Monetary Policy Statement and will hold a press conference to explain the central bank's policies. No investment bank or economic analyst is expecting any type of monetary policy action to be taken this early in 2018. However, various investment banks are forecasting some changes towards the end of the year. 

From a technical standpoint the chart looks quite interesting...

As you can see, we like to keep things simple folks. In 2017 we experienced a rather large double bottom, which is a bullish trading pattern. This week, we've experienced a similar type of price action setup. Could the market have the same reaction now as it did last year? As traders, we hope so!

Heck, even if we're wrong on the trade it doesn't matter. The reward to risk is strong that you only need to get these trades right around 25% of the time and you can still achieve a positive return. That's right, lose 75% on the time and still make a profit? That's reward to risk folks!

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