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29 November 2024,02:16
Trade Of The Day
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29 November 2024, 02:16
* Japanese Yen Bullish Trend Continues? The Japanese yen continued to strengthen as robust inflation data fueled speculation of a near-term interest rate hike. The Tokyo Consumer Price Index (CPI) for November surged to 2.6%, up from 1.8% in October, while the core CPI (excluding fresh food and energy) climbed to 2.2%, surpassing market expectations of 2.1%. With inflation consistently above the Bank of Japan’s 2% target, the likelihood of a policy adjustment has increased. As a result, the yen gained traction, dragging the USD/JPY pair lower.
* Technical Breakout: USD/JPY extended its losses after successfully breaking below the critical support level of 151.60. The MACD indicator shows strengthening bearish momentum, hinting at the potential for further downside movement in the pair.
* Resistance and Support: If the bearish momentum persists, USD/JPY could test the next support level at 149.30. Alternatively, a bullish reversal may occur if the pair reclaims the 151.60 resistance level, signaling renewed upward momentum.
With the Thanksgiving holiday approaching, market volume may thin, making prices more susceptible to sharp movements due to buying or selling from global investors. Uncertainty surrounding the Bank of Japan’s monetary policy details could also add to market volatility, affecting the pair’s direction.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Keep a close eye on U.S. economic data, updates from the Bank of Japan, and Tokyo’s Core CPI report for cues on future USD/JPY movements by following PU Xtrader’s financial news page.
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