USD/JPY eyes seven straight days of gains before the Fed tomorrow ...Middle East

From a technical perspective, the pair is looking towards a test of the 155.00 mark now with the November high of 156.74 being a key resistance point.

The Fed is going to cut rates by 25 bps tomorrow. However, will they be explicit about a pause in January or even perhaps longer than that? That is the key question right now and traders will look for clues on that in the statement tomorrow as well as Powell's press conference.

So, will the Fed vindicate all of that? Or are they going to keep their options open and rein in the dollar? If it's the latter, we might be due a Santa Claus rally for risk assets this year.

This article was written by Justin Low at www.forexlive.com.

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