All Articles Tagged - USDJPY

Technical Analysis – USDJPY plummets to one-month low

Posted on March 7, 2024 at 12:22 pm GMT

USDJPY records its third red day Prices touch 50-day SMA below 148.00 RSI and stochastics keep downside momentum USDJPY has plunged almost 2% over the last three daily sessions, breaking the steep ascending trend line to the downside and posting a fresh one-month low of 147.80. Currently, the pair is meeting the 50-day simple moving average (SMA), which may act as a turning point. According to the technical oscillators, both the RSI and stochastics mirror the latest negative move. The RSI is declining below the 50 level, while the stochastic oscillator is heading [..]

Market Comment – Powell still sees rate cuts this year, ECB enters the spotlight

Posted on March 7, 2024 at 9:34 am GMT

Powell says it may be appropriate to lower rates this year Yen rallies as speculation about BoJ exiting negative rates intensifies BoC appears less dovish than expected, central bank torch goes to ECB Wall Street rebounds, gold hits a new record high Dollar slides as Powell adds to rate cut hopes The US dollar extended its decline against its major peers yesterday, with the commodity-linked currencies aussie, kiwi, and loonie gaining the most. The greenback remains in a sliding mode [..]

Technical Analysis – USDJPY correction picks up speed

Posted on March 7, 2024 at 7:46 am GMT

USDJPY is edging aggressively lower today and closing in on a key support area This is the bears’ first attempt to push USDJPY significantly below the 150 level Momentum indicators support the current correction USDJPY is recording its third consecutive red candle as recent comments by BoJ members are potentially opening the door to a monetary policy move in the upcoming gathering. USDJPY has managed to drop below the 150 threshold and is getting closer to the busy 146.65-147.80 support area. In [..]

Market Comment – Dollar awaits ISM services PMI, China sets dubious targets

Posted on March 5, 2024 at 9:33 am GMT

ISM non-mfg. PMI awaited ahead of Powell’s testimony and NFP Yen slide pauses after accelerating Tokyo CPIs Aussie and kiwi slip as China announces ambitious growth target Equities retreat ahead of key events, gold and bitcoin rally Dollar rebounds ahead of key data and events The US dollar rebounded somewhat against most of its major peers on Monday, although the fact that it lost decent ground against the euro and the pound kept the dollar index (DXY) lower. Today, the [..]

Weekly Technical Outlook – USDJPY, EURUSD, USDCAD

Posted on March 4, 2024 at 12:17 pm GMT

USD/JPY holds above 20-day SMA as investors wait for fresh rate signals EUR/USD inside a constraining zone as ECB rate decision looms USD/CAD stabilizes near December’s barrier ahead of BoC policy meeting Nonfarm payrolls, Powell’s testimony –> USD/JPY USDJPY remained flat and supported around its 20-day simple moving average (SMA) even though Friday’s ISM manufacturing PMI for February fell short of expectations by a large margin, squeezing Treasury yields lower. Investors are now eagerly waiting for the Fed chairman’s testimony [..]

Will the NFP report confirm the Fed’s ‘higher for longer’ mantra? – Preview

Posted on March 4, 2024 at 10:46 am GMT

Market scales back rate cut expectations Inflation is not cooling as fast as expected Powell testifies before Congress on Wednesday and Thursday Spotlight to turn to NFP report on Friday at 13:30 GMT Investors get closer to the Fed’s dot plot At its latest gathering, the FOMC appeared less dovish than expected. Policymakers decided to left interest rates untouched and dropped a longstanding reference to the possibility of further hikes. Nonetheless, they noted that it may not be appropriate to [..]

Technical Analysis – USDJPY meets short-term SMAs within trading range

Posted on March 4, 2024 at 10:39 am GMT

USDJPY fails to have clear picture RSI and stochastics indicate upside move USDJPY has been developing within a consolidation area over the last two weeks, with upper boundary the 150.85 resistance level and lower boundary the 149.65 support. Currently, the market is testing the 20- and the 50-period simple moving averages (SMA), in the mid-level of the range around 150.25 in the 4-hour chart. Technically, the RSI is meeting the neutral threshold of 50, pointing north, while the stochastic oscillator [..]

Could Tokyo CPI open the door to BoJ policy normalization? – Preview

Posted on March 4, 2024 at 8:47 am GMT

Tokyo CPI report kicks off a very interesting period for the BoJ Earnings data under the microscope until outcome of wage talks Yen remains under pressure against the US dollar Tokyo CPI released on Tuesday; average earnings data on Thursday The BoJ is looking for an opening to hike rates The market has already started the countdown to the March central bank meetings. The ECB gathering is scheduled for this Thursday while the Fed will meet on March 20. With [..]

Market Comment – Stocks storm to fresh records on easing inflation

Posted on March 1, 2024 at 10:28 am GMT

Wall Street surges to all-time highs after in-line PCE inflation Dollar slips before bouncing back, yen gets knocked back by dovish Ueda Euro supported by upside surprises in CPI and manufacturing PMIs Equities cheer inflation data Shares on Wall Street ended the month at all-time highs on Thursday and are set to maintain the buoyant mood in March as a summer rate cut in the US looks more certain following a decline in the Fed’s preferred inflation gauge and some [..]

Market Comment – Yen gains on BoJ remarks, dollar awaits key inflation data

Posted on February 29, 2024 at 9:31 am GMT

BoJ’s Takata signals that policy adjustment is approaching Dollar braces for PCE inflation data Wall Street pulls back, Bitcoin surges above $60,000 BoJ’s Takata adds fuel to yen’s engines The US dollar traded higher on Wednesday, but it seems to be cooling down today, as it is trading virtually unchanged or lower against most of its major peers, with the main gainer being the Japanese yen. The wounded yen found some footing after Bank of Japan board member Hajime Takata [..]

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