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16 December 2024,02:20
Trade Of The Day
16 December 2024, 02:20
* Dimmed Expectations: The Japanese Yen extended its losses against the dollar, hitting a two-week low after dovish remarks from the Bank of Japan (BoJ) dampened expectations for a rate hike. A Bloomberg report, quoting BoJ officials, indicated that the bank sees minimal downside in delaying rate increases. This has fueled speculation that the BoJ will maintain its current policy at next week’s meeting. Similarly, Reuters, citing sources familiar with the BoJ’s stance, reported that the central bank is inclined to hold interest rates steady, prioritizing additional analysis of global risks and next year’s wage trends.
* Technical Breakout: USDJPY was traded higher following prior breakout above the previous resistance level 153.550. MACD which illustrate bullish momentum signal suggest the pair to like further extend its gains.
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards the level 155.750. Conversely, a potential reversal is also to be expected and the price could head back towards 151.750 after it breach back below the level 153.550.
Understand how technical analysis can help you in this trading opportunity.
Looking ahead, the market spotlight will be on this week’s interest rate decisions from the Fed and the BoJ. Additionally, crucial U.S. data, including Retail Sales and the Core PCE Price Index, will be closely monitored by the market.
Know how to manage trading risks with risk management strategies.
Stay updated on US and Japan data, central bank updates and any shifts in the US Dollar’s strength by following PU Prime’s market insights and daily financial news.
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