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16 January 2025,02:26
Trade Of The Day
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16 January 2025, 02:26
* Hawkish Note: The Japanese Yen gained strength against the U.S. Dollar following hawkish comments from Bank of Japan (BoJ) Governor Kazuo Ueda. Adding to the Yen’s momentum, remarks by Japan’s Finance Minister Katsunobu Kato reignited fears of possible government intervention. On Wednesday, Governor Ueda highlighted that the BoJ might consider rate hikes and scaling back monetary easing if economic and inflationary conditions continue to improve. At the same time, Finance Minister Kato voiced concerns about speculative-driven currency fluctuations and reaffirmed the government’s readiness to act against excessive volatility. On the economic front, Japan recorded its fourth consecutive monthly decline in household spending and real wages in November, driven by rising prices, potentially paving the way for a BoJ rate hike in January or March.
* Technical Breakout: USDJPY was traded lower while currently testing the support level 155.750. MACD which illustrate strong bearish momentum 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 153.650 after it breach below the level 155.750. Conversely, a potential reversal is also to be expected and the price could head back towards 157.350.
Looking ahead, investors will turn their attention to key U.S. inflation indicators this week, which include upcoming Consumer Price Index (CPI), and Retail Sales data, to assess market sentiment and potential 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 UK 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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