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9 January 2025,02:18
Trade Of The Day
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9 January 2025, 02:18
* Yen-tervention Jitters: The GBP/JPY pair has extended its decline, driven by concerns over possible market intervention by Japanese authorities to stabilize the yen. According to reports, Japan’s Finance Minister Katsunobu Kato issued verbal warnings on Tuesday, affirming that the government would take necessary steps to address excessive currency fluctuations, including those caused by speculative activity. Furthermore, BoJ Governor Kazuo Ueda recently suggested that the central bank could raise interest rates if economic conditions continue to improve, while highlighting the need to carefully assess various risks before determining the timing of such a move.
* Technical Breakout: GBPJPY was traded lower following prior breakout below the previous support level 195.950. MACD which illustrates bearish bias signal suggest the pair to likely extend its losses.
* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards the level 193.150. Conversely, a potential reversal is also to be expected and the price could head back towards 198.950 after it breach back above the level 195.95.
With a light economic calendar in the UK and Japan, investors are expected to focus on key U.S. data, including the ADP Nonfarm Employment Change and Nonfarm Payrolls, to gauge market sentiment further.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US, UK 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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17 January 2025, 01:42 Crude Oil Falls as Houthis Suspend Red Sea Attacks
16 January 2025, 02:26 USD/JPY Declines on BoJ Hawkish Tone, Intervention Risk
15 January 2025, 02:29 Pound Weakens as US PPI Records Modest Growth
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