Part 1: Previous Session Review

Yesterday was a strong but selective session for the desk. We closed 9 trades with 7 winners and 2 losses, finishing with a net gain of 244.8 pips across GBPJPY and XAUUSD. The best opportunities came from respecting the cleaner momentum legs rather than forcing entries inside noisy consolidation.

GBPJPY offered tradable range expansion, but it still required patience around pullbacks. XAUUSD remained reactive to dollar and yield expectations, with price action rewarding disciplined execution and punishing late entries. The key takeaway is simple: the session was productive, but the quality came from timing and position management, not from chasing every move.

Part 2: Today’s Outlook & Watchlist

Today the market focus is firmly on the Federal Reserve. At 14:00 UTC we have the Federal Funds Rate decision and the FOMC Statement, followed by the FOMC Press Conference at 14:30 UTC. This is high-impact USD risk, so spreads, slippage, and fast reversals should be expected around the release window.

XAUUSD is the main asset on watch. Gold may see sharp two-way movement if the statement and press conference shift rate-cut expectations or inflation language. A hawkish tone could pressure gold through a stronger dollar and firmer yields, while a softer message may support another upside attempt. We will not treat the first spike as confirmation; structure after the initial reaction matters more.

USDJPY is also worth monitoring because it tends to respond directly to yield repricing. If the Fed leans restrictive, upside pressure may return, but if Chair Powell signals more comfort with easing later in the year, the pair could unwind quickly. The plan is to reduce size, wait for post-news liquidity to settle, and only engage when price confirms direction with clean levels.

For today, capital preservation comes first. The best trade may be after the headline volatility, not during it.