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13 September 2024,02:02
Trade Of The Day
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13 September 2024, 02:02
* Surging Odds: The USD/JPY pair continues to decline in the Asian session as the dollar weakens. The US Dollar (USD) has reached a new weekly low, fueled by rising expectations of more aggressive easing by the Federal Reserve (Fed) next week. This outlook was bolstered by Wednesday’s weaker-than-expected US Producer Price Index (PPI) data. Markets now price in over a 40% likelihood of a 50 basis point rate cut at the Fed’s September meeting. This expectation has kept US Treasury yields near their 2024 lows, pressuring the dollar and pushing USD/JPY down. Simultaneously, the Japanese Yen is benefiting from hawkish signals by the Bank of Japan (BoJ), which suggested further rate hikes if the economic outlook remains favorable.
* Technical Breakout: USDJPY was traded lower while currently testing the support level 141.10. MACD which illustrate strong bearish momentum signal suggest the pair to likely further extend its losses after it breaks below the level.
* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards 139.200 after it breach below the level 141.10. Conversely, a potential reversal is also to be expected and the price could head back towards the level 142.850.
With no significant economic data on today’s docket, traders are likely to continue analyzing recent releases while moving to the sidelines and focus on key central bank events next week. The Federal Reserve will announce its policy decision at the conclusion of its two-day meeting on Wednesday, followed by the Bank of Japan’s (BoJ) policy update on Friday.
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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