27 Febrero 2024, USD/JPY
An event to watch out for today:
17:00 USD - Consumer Confidence Indicator
USDJPY:
The Japanese Yen (JPY) strengthens slightly against its US counterpart during Tuesday's Asian session and regains some of the previous day's losses. Japan's consumer inflation fell slightly less than expected in January, spurring speculation of an imminent Bank of Japan (BoJ) turnaround. This, as well as the overall softer tone in stock markets, were key factors in providing a slight lift for the safe-haven Yen amid fears that Japanese authorities would intervene in the market to support the local currency.
The US Dollar (USD), on the other hand, continues to struggle to attract meaningful buying and remains within striking distance of the multi-week low reached last Thursday. This further reinforces the downward bias in the USD/JPY pair, although the downward movement lacks continuation amid growing confidence that the Federal Reserve (Fed) will raise interest rates for a long time to come. Traders may prefer to wait for key US macroeconomic releases this week, including the Personal Consumption Expenditure (PCE) price index on Thursday, before making new directional bets.
From a technical perspective, the near-term trends continue to lean in favor of USD/JPY upside in the 150.85-150.90 area. With the oscillators on the daily chart holding in positive territory and still far from the overbought zone, the USDJPY pair could move up towards 151.45.
Trading recommendation: Trading primarily on Buy, keep an eye on 150.40 level
Our company provides an opportunity to earn income not only from your trading. By attracting clients within the affiliate program, you can get up to $30 per lot!
en 
cn 
id 
ar 
ru 
vn 
pt 
th 
kz 
ua 
tj 
uz 
az 
ms 