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31 December 2024,03:00
Trade Of The Day
31 December 2024, 03:00
* Hawkish Expectations from the BoJ? The Japanese Yen rebounded after the Bank of Japan’s December policy meeting, with some policymakers hinting at a potential rate hike. The BoJ also reduced its bond purchases, signaling tightening measures. However, concerns remain over the yen’s continued weakness, with Finance Minister Katsunobu Kato suggesting possible intervention if the yen depreciates further.
*Bearish Divergence: USD/JPY shows signs of a potential bearish continuation after breaking below the key support level at 156.40. The MACD and RSI indicators signal bearish divergence, suggesting that the pair could extend its losses after this breakdown.
* Resistance and Support: If bearish momentum persists, USD/JPY may extend its losses toward 154.90 after breaking below the support at 156.10. However, if the pair fails to break below this level, a reversal to the upside may occur, signaling a shift in momentum.
Understand how technical analysis can help you in this trading opportunity.
With the New Year holiday approaching, market volume may thin, potentially leading to sharp price movements from global investors. Also, uncertainty surrounding the Bank of Japan’s future monetary policy could lead to increased market volatility.
Know how to manage trading risks with risk management strategies.
Monitor U.S. economic data, updates from the Bank of Japan, and other factors that could influence USD/JPY price action by following PU Prime’s market insights and daily financial news.
Grab the trading opportunity and dive into the action risk-free with a free demo account. It is the perfect way to hone your skills and explore the exciting world of trading!
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