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9 January 2025,02:13
Trade Of The Day
9 January 2025, 02:13
* Yen-tervention Jitters: The GBP/JPY pair has resumed its decline, retreating amid concerns over potential market intervention by Japanese authorities to support the yen. Reports indicate that Japan’s Finance Minister, Katsunobu Kato, issued verbal warnings on Tuesday, stating that the government would take appropriate measures against excessive currency movements, including those influenced by speculators. Additionally, BoJ Governor Kazuo Ueda recently noted that the central bank might raise interest rates further if economic conditions improve, though he emphasized the importance of evaluating various risks before deciding on the timing of such actions.
*Technical Breakout: GBPJPY was traded lower following prior breakout below the previous support level 195.950. MACD which illustrates bearish bias 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 193.150. Conversely, a potential reversal is also to be expected and the price could head back towards 198.950 after it breach back above the level 195.95.
Understand how technical analysis can help you in this trading opportunity.
With a light economic calendar in the UK and Japan, investors are expected to focus on key U.S. data, including the ADP Nonfarm Employment Change and Nonfarm Payrolls, to gauge market sentiment further.
Know how to manage trading risks with risk management strategies.
Stay updated on US, UK 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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Disclaimer: Trading derivatives involves high risks, and market conditions can change rapidly. The content is for informational purposes only and should not be considered as financial advice. Traders should conduct their own research and consider risk management strategies.
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