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16 December 2024,02:24
Trade Of The Day
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16 December 2024, 02:24
* Dimmed Expectations: The Japanese Yen continued to weaken against the dollar, reaching a two-week low following dovish comments from the Bank of Japan (BoJ), which reduced expectations for a rate hike. According to a Bloomberg report citing BoJ officials, the bank sees little risk in postponing rate increases. This has led to growing speculation that the BoJ will keep its policy unchanged at next week’s meeting. Similarly, Reuters, quoting sources familiar with the BoJ’s position, reported that the central bank is leaning toward holding interest rates steady while focusing on assessing global risks and next year’s wage outlook.
* Technical Breakout: USDJPY was traded higher following prior breakout above the previous resistance level 153.550. MACD which illustrate bullish momentum signal suggest the pair to like 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 155.750. Conversely, a potential reversal is also to be expected and the price could head back towards 151.750 after it breach back below the level 153.550.
Looking ahead, the market spotlight will be on this week’s interest rate decisions from the Fed and the BoJ. Additionally, crucial U.S. data, including Retail Sales and the Core PCE Price Index, will be closely monitored by the market.
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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