USD/JPY without significant changes after the 2014 State of the Union address

Like other JPY pairs, the USD/JPY started the Asian session on bullish road, facing resistance at the 103.28 level.

For the American session today, it is expected that all the USD pairs will have volatile movements, as the Fed chairman, Ben Bernanke, will have its last meeting as the leader of the Federal Reserve of the United States and it’s expected that will be mentioned important points regarding the U.S. economy to ease the ground before the arrival of the new Fed’s leader, Janet Yellen.

During the speech the State of the Union, the U.S President Barack Obama mentioned important points such as increasing the minimum wage for federal contractors (USD$10.10) and act against “income inequality”. It would have to wait for the market’s reaction on Wall Street regarding Obama’s speech, but most likely is that the markets will be focused more on the FOMC statement (19:00 GMT).

If the USD/JPY manages to break the resistance level at 103.28, the next bullish objective would be the resistance level of 103.64, which is above the 200 SMA. Furthermore, if the USD/JPY breaks the pivot point at the level of 102.88, the following bearish objective would be the level of 102.52. The MACD indicator is in positive territory.

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