Attention Traders,
In today's trading session, our focus is on USDJPY, where we're eyeing a potential selling opportunity around the 155.700 zone. Currently, USDJPY is entrenched in a downtrend, undergoing a correction phase as it nears the critical support and resistance area at 155.700.
From a fundamental perspective, there's notable contention in the market dynamics. The latest US CPI data came in softer than expected at 0.3, aligning precisely with the forecast. This tepid performance suggests that the US economy may not be surging ahead as anticipated, potentially dampening USD strength.
Conversely, the JPY has seen elevated levels in recent periods, a factor that might prompt intervention from the Bank of Japan (BoJ) to stabilize its currency. Moreover, given its status as a safe-haven currency, the JPY tends to attract investors during times of uncertainty, further influencing its strength.
As always, trade prudently and stay vigilant.
Best regards,
Joe
In today's trading session, our focus is on USDJPY, where we're eyeing a potential selling opportunity around the 155.700 zone. Currently, USDJPY is entrenched in a downtrend, undergoing a correction phase as it nears the critical support and resistance area at 155.700.
From a fundamental perspective, there's notable contention in the market dynamics. The latest US CPI data came in softer than expected at 0.3, aligning precisely with the forecast. This tepid performance suggests that the US economy may not be surging ahead as anticipated, potentially dampening USD strength.
Conversely, the JPY has seen elevated levels in recent periods, a factor that might prompt intervention from the Bank of Japan (BoJ) to stabilize its currency. Moreover, given its status as a safe-haven currency, the JPY tends to attract investors during times of uncertainty, further influencing its strength.
As always, trade prudently and stay vigilant.
Best regards,
Joe