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6 September 2024,02:18
Trade Of The Day
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6 September 2024, 02:18
* Data-driven: The Japanese Yen has strengthened against the U.S. dollar, driven by positive economic data. Japan’s Labor Cash Earnings rose 3.6% year-on-year in July, down from June’s 4.5% but still above the 3.1% forecast. This strong performance has sparked speculation that the Bank of Japan (BoJ) might increase interest rates before year-end. Additionally, Jibun Bank’s Services PMI for August was revised to 53.7 from 54.0, marking the seventh consecutive month of service sector expansion, though it remains unchanged from July.
* Technical Breakout: USDJPY was traded lower while currently testing the support level 143.10. MACD which illustrate diminishing bullish momentum signal suggest the pair to likely extend its losses after it breaks below the level.
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards 141.70 after it breached below the level 143.10. Conversely, a potential rebound is also to be expected and the price could head back towards 144.650.
Moving ahead, traders will also focus on upcoming economic data from the U.S such as the Nonfarm Payrolls (NFP) and Unemployment Rate to shed light on the potential size of an expected rate cut by the Fed this month.
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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19 September 2024, 02:10 USD/CAD Surges After Fed Rate Decision
18 September 2024, 02:20 Euro Rises with Fed Rate Cut on the Horizon
13 September 2024, 02:02 USD/JPY Dips Amid Fed Rate Cut Speculation, Weak Dollar
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