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Japanese Yen Strengthens as BoJ Core CPI Takes Center Stage, US PMI Report Sends Mixed Signals
Summary:
USD/JPY faces technical levels with support at 148.88 and resistance at 149.95 and 150.61. As the currency pair hovers around 149.00, its trajectory depends on the evolving momentum of the US Dollar, especially in the absence of major Japanese economic data this week. The technical analysis suggests a potential retest of 149.56 before a significant downward trend, targeting 148.10.
CLOSED
148.800
ENTRY
147.400
TGT
149.600
SL
145.349 -0.544 -0.37%
1400
Points
Profit
147.400
TGT
147.397
CLOSING
148.800
ENTRY
149.600
SL
The Japanese yen has kicked off the week on a positive note, with USD/JPY trading at 148.87, reflecting a 0.39% decline. Market focus is now directed towards the Bank of Japan's (BoJ) Core CPI, a key inflation gauge. The indicator, expected to remain unchanged at 3.4%, holds significance amid rising speculation about the BoJ's policy tightening. Despite inflation consistently surpassing the 2% target, the central bank remains cautious, emphasizing the need for substantial wage growth. Meanwhile, the US concluded the week with a varied PMI report, witnessing a decline in Manufacturing PMI but a slight improvement in Services PMI. USD/JPY faces technical levels with support at 148.88 and resistance at 149.95 and 150.61. As the currency pair hovers around 149.00, its trajectory depends on the evolving momentum of the US Dollar, especially in the absence of major Japanese economic data this week. The technical analysis suggests a potential retest of 149.56 before a significant downward trend, targeting 148.10.
In the European session, the Japanese yen, represented by USD/JPY, has displayed strength, experiencing a 0.39% dip to 148.87. The upcoming focal point for traders is the Bank of Japan's (BoJ) Core CPI, a crucial metric in the central bank's inflation assessment. The anticipated October reading of 3.4%, consistent with September, aligns with speculation about the BoJ's policy direction.
Japan's inflation narrative has been characterized by a gradual uptrend, as reflected in the nationwide core CPI climbing to 2.9% for October from the previous month's 2.8%. Despite this, the BoJ has maintained a cautious stance, linking sustained inflation to substantial wage growth driving domestic demand.
The US concluded its week with a PMI report signaling a mixed economic landscape. Manufacturing PMI slipped to 49.4, below the consensus of 49.8, indicating the sector's ongoing challenges. In contrast, Services PMI exhibited weak growth, rising slightly to 50.8 in October from 50.6 in the previous month.
USD/JPY faces technical considerations, testing support at 148.88, with further support at 147.74. Resistance levels are identified at 149.95 and 150.61. As the currency pair moves around the 149.00 mark, its trajectory hinges on the prevailing momentum of the US Dollar. Notably, the absence of significant Japanese economic data this week leaves the pair reliant on USD dynamics.
From a technical perspective, USD/JPY has broken out of its uptrend channel, signaling a sideways movement. The analysis suggests a potential retest of 149.56 before a significant downward trend, targeting 148.10. Traders await the unfolding US Dollar momentum, considering the limited economic data from Japan in the current week.
The currency market remains attentive to the evolving BoJ stance, especially in the context of persistently above-target inflation, setting the stage for potential policy shifts at the BoJ's upcoming meeting on December 19.
TRADE RECOMMENDATION
SELL USDJPY
ENTRY PRICE:148.800
STOP LOSS : 149.600
TAKE PROFIT : 147.400
EXP : 11/12/23
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