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4 December 2024,02:19
Trade Of The Day
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4 December 2024, 02:19
* Fading Yen: The Japanese Yen weakened against the dollar as positive U.S. manufacturing and job openings data highlighted the resilience of the U.S. economy, boosting the Greenback. U.S. manufacturing activity continued to contract, though at a slower rate in November, with the ISM Manufacturing PMI improving to 48.4 from October’s 46.5, surpassing the expected 47.5. Additionally, the U.S. JOLTS Job Openings report also outperformed forecasts, recording 7.744 million jobs compared to the anticipated 7.510 million.
* Technical Breakout: USDJPY was traded higher following prior rebound from its lows. MACD which illustrate bullish bias signal with the formation of golden cross suggest the pair to likely extend its gains.
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards the level 151.750. Conversely, a potential reversal is also to be expected and the price could head back towards 146.950.
Looking ahead, investors will focus on this week’s key U.S. economic data releases such as ADP Nonfarm Employment Change, Nonfarm Payrolls, and the Unemployment Rate, to gauge the market’s direction and sentiment.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US data 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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5 December 2024, 02:19 USD/CAD Rose Amid Rising BoC Rate Cut Bets
4 December 2024, 02:19 Japanese Yen Struggles as U.S. Dollar Strengthens
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