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11 December 2024,02:15
Trade Of The Day
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11 December 2024, 02:15
* Cautious Mood: The Japanese Yen has weakened against the US Dollar as fading market sentiment and rising U.S. Treasury yields put pressure on the currency. Investors are hesitant to take major positions ahead of Wednesday’s U.S. Consumer Price Index (CPI) release. The inflation data is expected to underscore the Federal Reserve’s challenges in achieving its 2% target, with annual consumer prices forecast to increase to 2.7% in November from 2.6% in October, while core inflation is projected to remain steady at 3.3%. While these figures are unlikely to shift expectations of a Fed rate cut next week, they could signal a slower pace of monetary easing in 2025. Additionally, negative risk sentiment has bolstered U.S. Treasury yields, with the 10-year yield rising to 4.23% from 4.13%, further widening its spread over Japanese Government Bonds (JGBs) and adding to the Yen’s weakness.
* Technical Breakout: USDJPY was traded higher following recent breakout above the resistance level 151.750. MACD which illustrate bullish bias signals suggest the pair to likely further 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 153.550. Conversely, a potential reversal is also to be expected and the price could head back towards 149.550 after it breach back below the level 151.750.
Looking ahead, traders will keep a close attention to critical U.S. economic indicators, including the upcoming CPI and PPI reports, which are expected to provide further clues on market direction.
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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