From the post on Jul 27, 2016 before FOMC meeting, I said that we can look for short USDJPY if the statement is not hawkish and target for level 103.35. It did follow my forecast and I earned 200+ pip on USDJPY.
With not that loose JPY monetary policy and bad US GDP data today, USDJPY drops below 103.35 level and it didn’t oscillate. It will probably continue to drop until it touches the downward channel that I drew in green. Let’s watch this area (highlight in yellow) closely.
I will post the trading strategy later on. Thank you!