All Articles Tagged - USDJPY

Week Ahead – Investors brace for NFP amid Fed rate cut speculation

Posted on August 30, 2024 at 8:58 am GMT

Traders see decent chance for 50bps Fed cut in September Powell adds extra importance to jobs data, NFP awaited BoC decides on rates, third consecutive cut is fully priced in Aussie traders lock gaze on GDP numbers Bets for double Fed cut remain elevated Here comes another NFP week, with investors eagerly awaiting the results as they try to discern the size and pace of the Fed’s forthcoming rate cuts. The weaker than expected July numbers triggered market turbulence, [..]

Daily Comment – Markets cautious as Nvidia earnings and key US data loom

Posted on August 28, 2024 at 8:09 am GMT

Dollar pauses slide as jobs and inflation data awaited Yen pulls back but hawkish BoJ signals keep it elevated Wall Street awaits Nvidia, oil retreats on demand worries Dollar awaits key data for direction The US dollar extended its slump against all its major peers on Tuesday, as in the absence of any top-tier data and shocking headlines, investors continued to digest Powell’s dovish stance at Jackson Hole. However, today, the dollar is in a recovery mode, perhaps as short [..]

Technical Analysis – USDJPY gets assistance from 143.40 support

Posted on August 28, 2024 at 7:03 am GMT

USDJPY retains bearish bias MACD and RSI try to gain some momentum 23.6% Fibonacci acts as strong resistance USDJPY is continuing its descending movement, especially after the failed attempt to jump above the uptrend line and the 38.2% Fibonacci retracement level of the down leg from 161.94 to 141.60 at 149.50. As the market remains beneath the 23.6% Fibonacci of 146.45 and the 20-day simple moving average (SMA), there is no notable sign for an upside retracement. However, the technical oscillators indicate a weak bearish [..]

Daily Comment – Rate cut euphoria tempered by geopolitics as oil surges

Posted on August 27, 2024 at 8:54 am GMT

Mood turns cautious amid geopolitical uncertainty in Libya and Gaza Fears of supply disruptions drive up oil prices, S&P 500 closes lower China concerns also weigh but European stocks turn positive as data awaited Geopolitical risks take over as oil rallies Equity markets were mixed on Tuesday and the US dollar consolidated as investors turned cautious ahead of the week’s main events amid renewed fears about disruptions to oil supply. Investors turned cautious ahead of the week’s main events amid [..]

Technical Analysis – USDJPY trims August gains

Posted on August 26, 2024 at 11:44 am GMT

USDJPY falls to three-week low after Powell confirms shift to rate cuts Latest decline looks overdone; support at 143.40 USDJPY has been trending to the downside after completing a bearish rising wedge in the four-hour chart, and Powell’s dovish speech at Jackson Hole further strengthened selling incentives on Friday, pressing the price to a three-week low of 143.43. The 143.40 region was a key constraint to downside movements at the start of the year and could again protect the [..]

Daily Comment – Powell signals it’s time to cut; dollar sinks but risk rally muted

Posted on August 26, 2024 at 9:14 am GMT

Powell says the time has come for rate cuts, pushing yields and dollar lower But cautious rally in stocks as Nvidia earnings, inflation data awaited Oil jumps amid fresh escalation between Israel and Hezbollah Powell green lights rate cuts Fed Chair Jerome Powell locked in a September rate cut on Friday, using his Jackson Hole address to signal the Fed’s long-awaited pivot toward an easing cycle. Using somewhat more dovish language than anticipated, Powell said the “time has come for [..]

Weekly Technical Outlook – US dollar index, EURUSD, USDJPY

Posted on August 26, 2024 at 8:54 am GMT

US Core PCE index could attract greater attention with an impact on dollar index Eurozone flash CPI closer to ECB’s target; EURUSD unlocks 1.1200 Japan’s Tokyo CPI might stay put; USDJPY heads south US core PCE inflation –> US dollar index The release of the US Core PCE price index for July this Friday will provide crucial insights into the underlying inflation trends. The core PCE index, which excludes volatile food and energy prices, is a key measure closely monitored by the Federal Reserve. The [..]

Technical Analysis – USDJPY hovers beneath uptrend line

Posted on August 23, 2024 at 10:30 am GMT

USDJPY meets 23.6% Fibonacci MACD and RSI slow down their negative momentum USDJPY bounced off the 144.50 support level and is now testing the 23.6% Fibonacci retracement level of the down leg from 161.94 to 141.60 at 146.45. A move beyond this level could find immediate resistance at the 20-day simple moving average (SMA) at 147.40 before flirting with the ascending trend line and the 38.2% Fibonacci at 149.50. Also, the 200-day SMA at 151.30 may fail to help the [..]

Market Comment – Markets position ahead of Powell’s Jackson Hole speech

Posted on August 23, 2024 at 8:34 am GMT

Dollar rebounds despite jobless claims increase Traders position for Fed Chair Powell’s Jackson Hole speech Yen rebounds as BoJ’s Ueda appears willing to continue hiking rates Wall Street slips as tech shares weigh, gold pulls back Fed cut bets readjusted ahead of Powell’s speech The US dollar rebounded against all but one of its major peers on Thursday, with the only exception being the British pound. With no clear catalyst behind the greenback’s recovery, it seems that investors may have [..]

Week Ahead – PCE inflation eyed as Fed lays groundwork for September cut

Posted on August 23, 2024 at 8:22 am GMT

Focus to stay on the Fed as PCE inflation to be week’s main highlight Eurozone inflation data to be crucial for ECB rate cut hopes Australian and Tokyo CPI, plus Canadian GDP also on the agenda Will PCE inflation disappoint dovish expectations? The Fed’s long-anticipated dovish pivot is upon us and markets are bracing for the first US rate cut of this cycle at the September 17-18 meeting. However, the Fed remains largely data dependent and with the September decision [..]

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