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5 July 2024,02:18
Trade Of The Day
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5 July 2024, 02:18
* Intervention Cue: The Japanese Yen has strengthened recently against the US Dollar amid ongoing market watchfulness, with expectations of potential intervention by Japanese authorities to curb excessive depreciation. Japan’s near-zero interest rates contribute to a notable interest rate differential compared to other major currencies, adding to global pressure on the Yen. Given its recent weakness, foreign exchange intervention by the government may happen soon, similar to the intervention seen in May when USDJPY surpassed 160.
* Technical Breakout: USDJPY was traded lower while currently testing the support level 161.00. MACD which illustrate diminishing bullish momentum signal suggest the pair to extend its losses after it breaks below the support level.
* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards 160.00 after it breaks below the support level 161.00. Conversely, a potential correction is also to be expected and the price could head towards 162.00.
Looking ahead, investors are eagerly awaiting the upcoming crucial data from the U.S Nonfarm Payrolls (NFP) report & Unemployment Rate for June, scheduled for release on Friday. This report will offer insights into the current labor market conditions and could offer indications regarding the possibility of Federal Reserve interest rate cuts.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US and Japan data, central bank updates and any shifts in the US Dollar’s strength by following PU Xtrader’s financial news page.
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