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9 August 2024,02:14
Trade Of The Day
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9 August 2024, 02:14
* Yen Woes: The Japanese Yen remains under pressure against the dollar as investors digest the Bank of Japan’s dovish remarks. Reuters reports that BoJ Deputy Governor Shinichi Uchida recently indicated that the BoJ is not contemplating an interest rate hike due to market instability. He also noted that the BoJ’s approach to interest rates might be adjusted if shifts in market volatility influence economic forecasts, risk evaluations, or projections. Given recent market volatility, Uchida emphasized the need to closely observe the economic and price impacts of their policies, stating, “We need to maintain our current level of monetary easing for now.”
* Technical Breakout: USDJPY was traded higher while currently testing near the resistance level 147.700. MACD which illustrate bullish momentum signal suggest the pair to potentially extend its gains.
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards 148.900 after it breaks above the level 147.700. Conversely, a potential reversal is also to be expected and the price could head back towards 146.250.
With no significant data available on Friday, the price will depend largely on market sentiment, with investors likely shifting their focus to any indications that the Federal Reserve (Fed) might begin a rate-cutting cycle within the next six weeks.
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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20 September 2024, 02:24 USD/JPY Declines On BoJ Rate Hike Bets
19 September 2024, 02:10 USD/CAD Surges After Fed Rate Decision
18 September 2024, 02:20 Euro Rises with Fed Rate Cut on the Horizon
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