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26 December 2024,02:15
Trade Of The Day
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26 December 2024, 02:15
* Rate Hike Skepticism: The Japanese Yen remains under pressure against the U.S. Dollar as doubts persist over the Bank of Japan’s (BoJ) rate hike plans. Minutes from the BoJ’s recent meeting, released on Tuesday, indicated a possibility of gradual rate increases if inflation aligns with projections, potentially reaching 1.0% by the end of fiscal 2025. The minutes emphasized a cautious stance, prioritizing wage-driven growth and addressing deflationary risks amid domestic and global challenges. BoJ Governor Kazuo Ueda noted last week that the central bank aims to wait for confirmed wage growth trends next year and more clarity on global economic policies. Market expectations suggest a rate hike is unlikely at the BoJ’s January meeting, with March being a more plausible option, contributing to further Yen weakness.
* Technical Breakout: USDJPY was traded higher while currently testing the resistance level 157.650. MACD which illustrate diminishing bearish momentum signal suggest the pair to likely extend its gains after it breaks above the level.
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards the level 159.450 after it breach above the level 157.650. Conversely, a potential reversal is also to be expected and the price could head back towards 155.750.
As the holiday season begins and the economic calendar remains relatively light, market sentiment is expected to be the primary driver of market activity. However, upcoming U.S. data releases such as Initial Jobless Claims, may still generate some market movement.
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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26 December 2024, 02:15 Yen Falls Further Amid BoJ Uncertainty on Rate Hikes
24 December 2024, 02:10 Australian Dollar Struggles Following RBA Meeting Minutes
23 December 2024, 02:34 GBP/JPY Holds Strong Following BoJ’s Dovish Stance
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