The FOMC meeting was held yesterday, 12th August 2009, and the fed decided to leave the interest rate unchanged. According to learningmarkets

The unchanged rate was no surprise to the markets which had placed the probability of a rate change at nearly 0% as indicated by the Fed Funds Futures price action.

The Fed led off the statement by saying it sees a “leveling out” in economic activity and indicated that substantial resource slack in commodities is likely to keep inflation down. The Fed did say, however, it expects the economy to remain weak for a time.

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The economy is recovering, but the fed wants to see recovery in the financial market. The financial market is the back bone of the economy.

The FOMC meeting usually have an effect on the market.

During the American section, GBPJPY looked like was looking bullish on the 4 hr timeframe. It wwas going up, but the FOMC disrupted the bullish trend. After the metting, the 4 hr candle closed was a doji meaning indecision.

At the end of the day, the candle is look bullish to me.

The day candle closed like a pin bar. But it is not a perfect pin bar. There is still an amount of risk if someone trade the pin bar. There is no 100% guarantee in trading. No one knows the future because anything can happen in the next 5 or 20 mins and that would disrupt the market.