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2 July 2024,02:19
Trade Of The Day
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2 July 2024, 02:19
* BoJ Fog: The Japanese Yen has continued its decline against the dollar amid ongoing uncertainty regarding the Bank of Japan’s policy direction. Recent BoJ policy minutes indicate that officials support further tightening measures due to the weak Yen driving inflationary pressures. While this depreciation has boosted the competitiveness of Japanese exports, it has also raised import costs. However, the growing speculation about additional rate hikes is concerning investors, who believe that further tightening should be prompted by a sustained increase in wage growth.
* Technical Breakout: USDJPY was traded higher following prior breakout above the previous resistance level 161.00. MACD which illustrate bullish bias signal suggest the pair to extend its gains.
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards 162.00. Conversely, a potential correction is also to be expected and the price could head towards 161.00.
Moving ahead, the market will closely watch the key data release from the U.S for this week, such as ADP Non Farm Employment, Nonfarm Payrolls and Unemployment Rate to gauge further sentiment and potential direction from the Fed.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US data, US election, central bank updates and any shifts in the US Dollar’s strength by following PU Xtrader’s financial news page.
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