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20 February 2025,02:18
Trade Of The Day
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20 February 2025, 02:18
* Inflation Heat: The Japanese yen continues to gain strength against the U.S. dollar as rising inflation and strong economic data support expectations of a more hawkish Bank of Japan (BoJ). The Japanese Cabinet Office recently reported that the economy expanded by 0.7% in Q4 2024, surpassing the previous quarter’s 0.4% growth and exceeding economists’ 0.3% forecast. On an annualized basis, GDP surged by 2.8%, significantly outpacing the 1.7% growth in the July-September period. Meanwhile, Tokyo’s core inflation climbed to 2.5% in January, its fastest pace in nearly a year, marking a third consecutive month of acceleration. With inflation remaining above the BoJ’s 2% target, speculation of further rate hikes continues to grow.
* Technical Breakout: USDJPY was traded lower following recent retracement from the resistance level 152.10. MACD which illustrate bearish momentum 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 149.550. Conversely, a potential reversal is also to be expected and the price could head back towards 152.10.
Looking ahead, traders will closely monitor key events this week for further market direction, including the FOMC Meeting Minutes, S&P Global Manufacturing and Services PMI, and speeches from former U.S. President Donald Trump. Additionally, yen traders will focus on Japan’s inflation report, set for release on Friday.
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, global market updates, central bank updates and any shifts in the US Dollar’s strength by following PU Xtrader’s financial news page.
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