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2 July 2024,02:15
Trade Of The Day
2 July 2024, 02:15
* BoJ Fog: The Japanese Yen has continued to plunge against the dollar following ongoing uncertainty over the Bank of Japan’s policy outlook. Recent BoJ policy minutes revealed that officials are in favor of further policy tightening, as the weak Yen is contributing to rising inflationary pressures. This depreciation has made Japanese exports more competitive but has also increased import costs. However, increasing speculation about further rate hikes is proving to be unwelcome for investors, as they believe that further policy tightening should be driven by a wage-growth spiral.
* Technical Breakout: USDJPY was traded higher following prior breakout above the previous resistance level 161.00. MACD which illustrate bullish bias signal suggest the pair to extend its gains.
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards 162.00. Conversely, a potential correction is also to be expected and the price could head towards 161.00.
Understand how technical analysis can help you in this trading opportunity.
Moving ahead, the market will closely watch the key data release from the U.S for this week, such as ADP Non Farm Employment, Nonfarm Payrolls and Unemployment Rate to gauge further sentiment and potential direction from the Fed.
Know how to manage trading risks with risk management strategies.
Stay updated on US data 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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