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20 September 2024,02:24
Trade Of The Day
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20 September 2024, 02:24
* BoJ Hike Bets: The Japanese yen has strengthened against the dollar as traders reassess their positions in light of a potential future rate hike from the Bank of Japan (BoJ). Recent economic data showed Japan’s Core Consumer Price Index (CPI) rose to a 10-month high of 3.0% in August, up from 2.8% in July. This increase in inflation has reinforced expectations that the BoJ, previously cautious about tightening monetary policy, might adopt a more hawkish approach and raise interest rates again in 2024. The growing inflationary pressures are driving this shift, leading traders to revise their forecasts.
* Technical Breakout: USDJPY was traded lower following prior retracement from the resistance level 143.750. MACD which illustrate persistent bearish momentum signal suggest the pair to likely further extend its losses.
* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards 141.050. Conversely, a potential reversal is also to be expected and the price could head back towards the level 143.750.
Moving ahead, investors will focus on the upcoming BoJ Interest Rate Decision where market participants will be closely watching for any shifts in the policy statement that might offer clues about when the bank plans to raise rates next.
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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