2023-07-18 • Updated
According to Japanese Finance Minister Shunichi Suzuki, there was "no discussion" about exchange rates during the recent meeting of Group of Seven (G7) finance ministers and central bank chiefs in India. This news comes as the yen weakened to around ¥145 per dollar last month, prompting concerns that the Japanese government may intervene in the currency market to support the yen. However, the yen has rebounded strongly this month to approximately ¥138 per dollar. A weak yen can benefit Japanese exporters and raise import costs for businesses and consumers. On another note, Suzuki reiterated Japan's strong support for Ukraine. Bank of Japan Governor Kazuo Ueda highlighted the uncertainty in the global economy, which is influencing the central bank's decision to maintain ultra-easy monetary policy despite inflation exceeding the target. The BOJ's loose monetary policy has been a key factor contributing to the yen's weakness compared to other major currencies. Keep an eye on these developments for potential impact on forex markets!
USDJPY is currently resting on top of a double trendline situation within a strong pivot range. Looking also at how the moving averages are poised, there is a high likelihood that the price rebounds off the trendline in continuation of the original bullish movement.
Analyst’s Expectations:
Direction: Bullish
Target: 141.986
Invalidation: 136.867
GBPJPY, as shown in the chart, is currently trading inside a rising channel pattern. The moving averages are also currently in a bullish array, which lends credibility to the likelihood of a bullish reaction from the support trendline.
Analyst’s Expectations:
Direction: Bullish
Target: 183.245
Invalidation: 179.360
CADJPY has, at this time, reached a strong demand zone. The demand zone has confluences from the trendline support, the 50-day moving average, and the bullish array of the moving averages. Based on the observed confluences, I will be watching for a continuation of the bullish trend.
Analyst’s Expectations:
Direction: Bullish
Target: 107.035
Invalidation: 103.670
The trading of CFDs comes at a risk. Thus, to succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.
You can access more of such trade ideas and prompt market updates on the telegram channel.
During the Asian session on Wednesday, the USD/CAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to...
The Australian Dollar (AUD) rebounds on Monday, despite a slight dip in the US Dollar (USD) and higher US Treasury yields. Investors are eyeing Australian monthly Consumer Price Index (CPI) data for February and US Gross Domestic Product (GDP) for Q4 2023. The AUD gains momentum as the ASX 200 Index rises, especially in mining and energy sectors. Additionally, the Aussie...
Gold prices rose on Monday as the US Dollar weakened amidst speculation about potential Federal Reserve rate cuts starting in June. This weakened Dollar was partly due to improved risk sentiment pushing US Treasury yields lower. Despite facing challenges from declining yields, gold prices recovered to nearly $2,170 per troy ounce, driven by the Dollar's weakness. Federal Reserve Chair...
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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