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1 November 2024,02:05
Trade Of The Day
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1 November 2024, 02:05
* Hawkish Shift: The Japanese Yen strengthened against the U.S. dollar after Bank of Japan (BoJ) Governor Kazuo Ueda hinted at a potential rate hike in his latest comments. While the BoJ opted to maintain short-term interest rates at 0.25% during Thursday’s meeting, it forecasted that inflation would remain close to its 2% target in the coming years. Governor Ueda noted that a rate increase may be considered “if conditions are met,” citing domestic indicators that wages and prices are aligning with the BoJ’s expectations and highlighting gradual improvement in both U.S. and global economic outlooks.
* Technical Breakout: USDJPY was traded lower following prior breakout below the previous support level 152.200. MACD which illustrate ongoing bearish momentum signal suggest the pair to likely extend its losses.
* Resistance and Support: If the bearish momentum persists, there’s a strong likelihood that the price will potentially head towards the level 149.550. Conversely, a potential reversal is also to be expected and the price could head back towards 155.350 after it breach back above the level 152.200.
Looking ahead, the U.S. October Nonfarm Payrolls (NFP) report will be a key focus on Friday. If the data comes in weaker than expected, it could fuel dovish expectations for the Federal Reserve (Fed), potentially putting downward pressure for the pair.
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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