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22 August 2024,05:30
Trade Of The Day
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22 August 2024, 05:30
*Deficit Drag: The Japanese Yen declined against the dollar after Japan’s trade deficit data weighed on the currency. Data released on Wednesday revealed that Japan’s Merchandise Trade Balance recorded a deficit of ¥621.84 billion in July, a sharp reversal from the ¥224.0 billion surplus in June and falling short of market expectations of a ¥330.7 billion deficit. This marks the fifth trade deficit this year, driven by imports growing at a significantly faster rate than exports, raising concerns about the outlook for an economy that has only recently begun to recover.
* Technical Breakout: USDJPY was traded higher following prior rebound from the support level 144.650. MACD which illustrate bullish momentum signal 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 146.250. Conversely, a potential reversal is also to be expected and the price could head back towards 144.650.
Looking ahead, investors will seek further insights from the official U.S. government inventory data, expected to be released on Wednesday. Additionally, the market will closely watch developments in the Middle East.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US data, central bank updates and any shifts in the US Dollar’s strength.
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