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25 April 2024,01:57
Trading BlogTrading Knowledge
25 April 2024, 01:57
* Yen Buzz: The Japanese yen has weakened against the US dollar to its lowest levels since 1990, driven by robust US economic data. The growing yield gap between Japan and the US, fueled by higher US Treasury yields, has intensified pressure on the yen. Despite hints of vigilance from Japanese authorities, the lack of concrete actions disappointed yen traders, who remain watchful for intervention signals.
* Technical Breakout: USD/JPY is on an upward trajectory post-breakout above the previous resistance level. Sustaining above 154.70 suggests further potential upside, while a close below signals a shift in trading strategies.
* Resistance and Targets: As per Fibonacci expansion, the next target for USD/JPY is projected around 158.45.
Understand how technical analysis can help you in this trading opportunity.
Despite the overall trend for the USD/JPY tilting toward a more bullish bias, uncertainties remained ahead of several major economic data, specifically the US GDP and Initial Jobless Claims which due later today. Meanwhile, it is also worth noting that the possibilities of currency intervention from BoJ would also trigger a significant movement in the market.
Know how to manage trading risks with risk management strategies.
Stay updated on US economic data, as well as the possibilities of currency intervention from Bank of Japan (BoJ) by following PU Prime’s market insights and daily financial news.
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