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20 November 2024,02:13
Trade Of The Day
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20 November 2024, 02:13
* BoJ Uncertainty: The Japanese Yen (JPY) gave up a significant portion of its earlier gains and weakened against the US Dollar due to uncertainty surrounding the timing of the Bank of Japan’s (BoJ) next rate hike. BoJ Governor Kazuo Ueda recently stated that the economy is moving towards sustained inflation driven by wage growth, keeping the possibility of further monetary policy tightening open. However, Ueda offered little insight into whether a rate hike would occur in December, emphasizing that any adjustments would depend on economic performance and price trends. Meanwhile, Japan’s Economy Minister Ryosei Akazawa remarked on Tuesday that boosting wages across all age groups is vital to the proposed economic package, which he aims to have approved by the cabinet soon.
* Technical Breakout: USDJPY was traded higher following prior rebound from the support level 153.550. MACD which illustrate diminishing bearish momentum signal suggest the pair to likely further extend its gains
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards the level 157.650 after it breaks above the level 155.350. Conversely, a potential reversal is also to be expected and the price could head back towards 153.550.
In the absence of significant U.S. economic data, investors are turning their attention to Japan’s upcoming inflation report, scheduled for release on Friday. Additionally, the market is closely monitoring developments from the Bank of Japan amid growing speculation of potential intervention.
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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