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14 November 2024,02:06
Trade Of The Day
14 November 2024, 02:06
* Inflation Grip: The Japanese Yen continues to weaken against the strengthening U.S. Dollar, following the release of U.S. CPI inflation data. The Consumer Price Index (CPI) report did not offer the inflation slowdown that markets had hoped for, but it did align with expectations. Monthly headline CPI remained steady at 0.2% as anticipated, while the annual headline CPI rose to 2.6% year-over-year, up from the previous 2.4% and matching forecasts. Core CPI inflation also aligned with market predictions, maintaining a 0.3% monthly increase and a 3.3% annual rate. This persistently elevated inflation data is likely to keep the USD strong, as it may prompt the U.S. Federal Reserve to reconsider rate cuts, further supporting the Dollar.
* Technical Breakout: USDJPY was traded higher following prior breakout above the previous resistance level 153.65. MACD which illustrate ongoing bullish momentum signal suggest the pair to likely 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 157.25. Conversely, a potential reversal is also to be expected and the price could head back towards 153.65.
Understand how technical analysis can help you in this trading opportunity.
Looking ahead, investors will focus on upcoming key U.S. economic data releases, including PPI, and Retail Sales this week for further direction and insights into economic momentum.
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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