Join the PU Xtrader Challenge Today
Trade with simulated capital and earn real profits after you pass our trader assessment.
Join the PU Xtrader Challenge Today
Trade with simulated capital and earn real profits after you pass our trader assessment.
6 September 2024,02:18
Trade Of The Day
Tags:
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.
Register For PU Xtrader Challenge And Start Prop Trading
Take Challenge
Trade with simulated capital and earn real profits after you pass our trader assessment.
22 November 2024, 02:14 Canadian Dollar Falters Amid Strength in the U.S. Dollar
21 November 2024, 02:21 Gold Rises Amid Escalating Russia-Ukraine Tensions
20 November 2024, 02:13 USD/JPY Gains Amid Doubts Over BoJ Rate Moves
Disclaimer: This website exclusively provides proprietary trading services. We do not engage in any regulated activities, offer investment management services, or manage funds on behalf of external clients. Our trading activities are conducted solely with the firm's own capital, and we do not accept client deposits or manage client accounts. It's important to note that none of the services we provide should be construed as investment or financial services in accordance with applicable laws.
This website offers services related to professional skill and experience assessment, which determine your eligibility to trade with the firm's capital. The outcome of these services is inherently determined by your individual skill level and ability to perform within the trading requirements and objectives outlined for each service separately. Clients are strongly advised to thoroughly understand the requirements of the services before signing up for any.
The content provided on this website is for informational purposes only and does not constitute financial, investment, or trading advice. The information presented is based on sources believed to be reliable, but we do not guarantee its accuracy, completeness, or timeliness. We disclaim any liability for any loss or damage arising directly or indirectly from the use of or reliance on the information provided on this website.
This website is not directed to residents of certain jurisdictions such as the United States, Singapore, Australia, China and some other specified regions, and is not intended for distribution to, or use by, any person in any countries or jurisdictions where such distribution or use would be contrary to local law or regulation.
