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25 September 2024,02:18
Trade Of The Day
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25 September 2024, 02:18
* Yen Drift: The Japanese Yen (JPY) weakened against the US Dollar as concerns grew that the Bank of Japan (BoJ) isn’t in a hurry to raise interest rates. Following Friday’s policy decision, Governor Kazuo Ueda signaled that rate hikes would be considered if inflation trends align with forecasts. Ueda noted that Japan’s real interest rate remains deeply negative, which supports economic growth and pushes prices higher. He also mentioned that the BoJ will raise rates if the economy and inflation progress as outlined in the quarterly outlook. Moreover, Finance Minister Shunichi Suzuki stressed on Tuesday that he is closely monitoring global central bank policies and expects the BoJ to coordinate appropriate actions with the government.
* Technical Breakout: : USDJPY was traded higher following recent rebound from its lows. MACD which illustrate diminishing bearish momentum signal with the formation of golden cross suggest the pair to likely extend its gains.
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards 144.60. Conversely, a potential reversal is also to be expected and the price could head back towards 141.90.
Looking ahead, investors will turn their attention to upcoming U.S. data, including Durable Goods Orders, GDP, and the PCE Price Index, for additional insights into market 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, central bank updates and any shifts in the US Dollar’s strength by following PU Xtrader’s financial news page.
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22 November 2024, 02:14 Canadian Dollar Falters Amid Strength in the U.S. Dollar
21 November 2024, 02:21 Gold Rises Amid Escalating Russia-Ukraine Tensions
20 November 2024, 02:13 USD/JPY Gains Amid Doubts Over BoJ Rate Moves
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