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27 January 2025,02:29
Trade Of The Day
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27 January 2025, 02:29
* Tightening Turn: The Japanese yen strengthened against the U.S. dollar on Friday after the Bank of Japan (BoJ) announced a rate hike, raising interest rates to their highest level since the 2008 financial crisis. The BoJ increased its short-term policy rate from 0.25% to 0.5%, marking a 17-year high, and adjusted its inflation forecasts upward, reflecting confidence that higher wages will sustain inflation near its 2% target. The decision was approved by an 8-1 vote, with board member Toyoaki Nakamura dissenting. BoJ Governor Kazuo Ueda highlighted in a press conference that the weak yen continued to elevate import costs, while wage growth was becoming more widespread and firmly established across businesses.
* Technical Breakout: USDJPY was traded lower while currently testing the support level 155.550. MACD which illustrate bearish bias signal with the formation of death cross 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 153.650 after it breach below the level 155.550. Conversely, a potential reversal is also to be expected and the price could head back towards 157.550.
Looking ahead, traders will focus on key U.S. data, including the Manufacturing PMI, ADP Non-Farm Employment Change, and Non-Farm Payrolls, to assess market sentiment and gain further insights into economic trends.
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, Trump updates, global market updates, central bank updates and any shifts in the US Dollar’s strength and any shifts in the US Dollar’s strength by following PU Xtrader’s financial news page.
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28 January 2025, 02:27 Euro Weakens as Markets React to New Tariff Warnings
27 January 2025, 02:29 USD/JPY Declines Following BoJ Rate Increase
24 January 2025, 02:33 New Zealand Kiwi Rose As China Unveils Stimulus Measure
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