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1 November 2024,02:01
Trade Of The Day
1 November 2024, 02:01
* Hawkish Shift: The Japanese Yen has gained strength against the dollar following hawkish remarks from BoJ Governor Kazuo Ueda, hinting at a potential rate increase. During its Thursday meeting, the Bank of Japan (BoJ) chose to keep short-term interest rates steady at 0.25% and projected that inflation will stay around its 2% target over the next few years. However, BoJ Governor Kazuo Ueda suggested that a further rate hike could be possible “if conditions are met.” He added, “Domestic data indicates that wages and prices are aligning with our forecasts. Additionally, the outlook for the U.S. and global economies is showing gradual improvement.”
* Technical Breakout: USDJPY was traded lower following prior breakout below the previous support level 152.200. MACD which illustrate ongoing bearish momentum 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 149.550. Conversely, a potential reversal is also to be expected and the price could head back towards 155.350 after it breach back above the level 152.200.
Understand how technical analysis can help you in this trading opportunity.
Looking ahead, the U.S. October Nonfarm Payrolls (NFP) report will be a key focus on Friday. If the data comes in weaker than expected, it could fuel dovish expectations for the Federal Reserve (Fed), potentially putting downward pressure for the pair.
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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