All Articles Tagged - USDJPY

Technical Analysis – USDJPY holds within narrow range in near term

Posted on June 13, 2024 at 7:02 am GMT

USDJPY remains below 157.70 Uptrend line acts as strong support Momentum oscillators show contradicting signs USDJPY is still developing below the 157.70 resistance level and well above the medium-term ascending trend line, failing to have a notable movement after the US CPI data and the Fed decision on Wednesday. The technical oscillators are showing some mixed signals. The RSI is pointing upwards above the neutral threshold of 50, while the stochastic is heading south, posting a bearish crossover within its [..]

Will the Bank of Japan hint at a July hike? – Preview

Posted on June 11, 2024 at 9:48 am GMT

Investors see decent chance for BoJ hike in July But struggling economy complicates the policy outlook Report on bond buying sets the hawkish bar even higher The Bank decides on Friday at 03:00 GMT Obstacles in the road for the next BoJ hike At its latest gathering on April 26, the Bank of Japan (BoJ) decided to keep the range for its benchmark rate unchanged between 0% and 0.1% as was widely expected. Policymakers upgraded their inflation projections, but [..]

Volatility surges across the board – Volatility Watch

Posted on June 11, 2024 at 9:46 am GMT

Forex pairs are very volatile after strong NFP report Volatility in gold and silver ticks up, oil swims in calm waters US equities exhibit volatility jump amid correction fears Volatility in dollar crosses has picked up as the stronger-than-expected NFP report dialed back rate cut expectations, while investors are bracing for the FOMC meeting and the CPI print later this week. Euro pairs are in a similar position after the EU elections sparked a wave of politically instability across major countries like France and Belgium. In commodities, gold and silver have [..]

Fed pivot less likely after strong NFP, focus on CPI report and dot plot – Preview

Posted on June 10, 2024 at 12:32 pm GMT

A dovish pivot by the Fed is looking less likely at the June meeting Will Fed officials flag two or just one rate cut after strong jobs data? CPI report will also be crucial on Wednesday (12:30 GMT) Statement due at 18:00 GMT will be followed by press conference at 18:30 GMT One step forward, two steps back After a run of consistently hot data on inflation and the economy all year, it briefly seemed like the tide was turning [..]

Weekly Technical Outlook – EURUSD, US dollar index, USDJPY

Posted on June 10, 2024 at 9:32 am GMT

Euro area elections drives EURUSD sharply lower Fed decision and US inflation would have strong impact at US dollar index Will BoJ decision affect USDJPY? Euro area elections –> EURUSD The European elections resulted in significant setbacks for German Chancellor Olaf Scholz and French President Emmanuel Macron. The euro had a significant decline on Monday due to political uncertainty caused by French President Emmanuel Macron’s announcement of a sudden legislative election. Marine Le Pen’s National Rally; France’s most prominent far-right political movement, received 32% [..]

Week Ahead – Fed and BoJ decide on monetary policy

Posted on June 7, 2024 at 7:08 am GMT

US CPI data and Fed to determine the dollar’s fate Will the BoJ signal that another rate hike is looming? Pound traders await UK employment and GDP numbers RBA hike bets shrink ahead of AU jobs and China CPI data Mind the dots With US inflation resuming its downtrend in April and the ISM manufacturing PMI for May disappointing, investors remained convinced that the Fed will begin lowering interest rates at some point this year. Currently, they are penciling [..]

Market Comment – ECB cut awaited as Wall Street sets new record

Posted on June 6, 2024 at 8:58 am GMT

ECB expected to follow in BoC’s footsteps and cut by 25bps Fed rate cut hopes rise despite upbeat ISM services PMI Dollar mostly steady, stocks surge higher ECB set to deliver this week’s second cut The European Central Bank is on course to become the second central bank in the G7 this week to lower borrowing costs after the Bank of Canada paved the way on Wednesday. Easing inflation and sluggish economic growth prompted the BoC to cut its overnight [..]

Market Comment – Fed rate cut bets grow but dollar steadies, BoC to likely cut

Posted on June 5, 2024 at 9:01 am GMT

Soft US data continues to pile up, boosting Fed rate cut bets But dollar on steadier footing ahead of ISM services PMI Bank of Canada expected to cut rates today, loonie slips Oil slide deepens, stocks struggle for direction All eyes on ISM services PMI after soft data run After repeated setbacks, the needle finally seems to be shifting for the Fed to start cutting rates soon, with bets for a September move gaining significant traction in recent days. Last [..]

Technical Analysis – USDJPY recoups losses after bounce off rising line

Posted on June 5, 2024 at 7:03 am GMT

USDJPY heads north with first resistance at 20-day SMA RSI and Stochastics confirm upside movement USDJPY has reversed back up again after the strong rebound off the medium-term uptrend line and the 50-day simple moving average (SMA), meeting the 23.6% Fibonacci retracement level of the up leg from 140.20 to 160.20 at 155.50. Momentum indicators are pointing to a positive bias in the short term with the RSI crossing above the neutral threshold of 50, while the stochastic oscillator is [..]

Technical Analysis – USDJPY plunges below uptrend line

Posted on June 4, 2024 at 12:42 pm GMT

USDJPY creates negative retracement RSI and MACD suggest more ground to be lost USDJPY has been underperforming in the past two days, meeting the medium-term uptrend line and the 50-day simple moving average (SMA) after the failed attempt to climb above the 157.70 resistance level. According to technical oscillators, the RSI is slipping beneath the 50 level, while the MACD is losing momentum beneath its trigger line. Both indicate a potential bearish correction. If price action plunges beneath the 50-day [..]

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