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30 September 2024,02:16
Trade Of The Day
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30 September 2024, 02:16
* Ishiba Wave: The Japanese Yen surged against the US Dollar after former Defense Minister Shigeru Ishiba won the Liberal Democratic Party’s (LDP) presidential election, securing his role as Japan’s next prime minister. Traders see Ishiba’s win as a potential boost for future interest rate hikes by the Bank of Japan (BoJ). Previously, Ishiba had told Reuters that the BoJ’s policy was “on the right track” with its rate increases. Additionally, the US Dollar weakened sharply following softer-than-expected August Personal Consumption Expenditure (PCE) data. Annual PCE inflation dropped to 2.2%, below forecasts of 2.3% and July’s 2.5%.
* Technical Breakout: : USDJPY was traded lower while currently testing near the support level 142.150. 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 the support level 139.750 after it breach below the level. Conversely, a potential reversal is also to be expected and the price could head back towards 144.60.
Looking ahead, investors are now look to the release of key U.S data this week such as ISM Manufacturing PMI, ADP Non-Farm Employment Change and Nonfarm Payrolls for further impetus.
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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