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Wednesday, February 28, 2024

Each day Foreign exchange Information and Watchlist: USD/JPY

Main pairs are caught in consolidation, as most banks are nonetheless closed for the vacations.

Do you assume USD/JPY can spend the remainder of the day in its vary?

Earlier than transferring on, ICYMI, Friday’s watchlist checked out EUR/USD’s symmetrical triangle sample. You should definitely take a look at if it’s nonetheless a great play!

And now for the headlines that rocked the markets within the final buying and selling classes:

Recent Market Headlines & Financial Knowledge:

BOJ core CPI slid from 3.0% y/y to 2.7% vs. 3.0% forecast in November, dampening hopes of coverage normalization anytime quickly

BOJ head Ueda says that they may think about adjusting coverage if wage-inflation cycle strengthens, including weight on spring wage hike negotiations

Japanese jobless fee held regular at 2.5% as anticipated in November, preserving strain on employers to spice up pay

Value Motion Information

Overlay of JPY vs. Major Currencies Chart by TradingView

Overlay of JPY vs. Main Currencies Chart by TradingView

There wasn’t a lot on the docket in the present day aside from jobless fee information from Japan, together with the discharge of the BOJ core CPI.

The roles determine got here in step with expectations, preserving merchants hopeful that the spring wage hike negotiations might have a constructive end result for incomes. In flip, this might enhance inflation expectations, which could then immediate the BOJ to think about exiting its ultra-easy financial coverage period sooner somewhat than later.

In his speech, BOJ head Ueda famous that they plan on sustaining YCC targets and destructive rates of interest to make sure that situations are proper earlier than adjusting.

Upcoming Potential Catalysts on the Financial Calendar:

U.S. S&P/CS home worth index at 1:30 pm GMT

Use our new Forex Warmth Map to shortly see a visible overview of the foreign exchange market’s worth motion!  ️

USD/JPY 15-min Forex Chart

USD/JPY 15-min Foreign exchange Chart by TV

USD/JPY has been bouncing between assist on the 142.00 main psychological mark and resistance on the 142.50 minor psychological degree over the previous few days.

Earlier on, the yen drew some assist from expectations of the spring wage negotiations bearing fruit and lifting total inflation, however a comparatively dovish speech from BOJ head Ueda stored positive factors in test.

Value is hanging out on the center of its vary, nonetheless deciding the place to go subsequent. A transfer beneath the pivot level degree (142.33) might take it again right down to the vary backside that traces up with S3 (142.02) whereas a rally previous R1 (142.32) might be adopted by a check of resistance close to R3 (142.59).

There’s not a lot in the best way of top-tier releases which may spur robust strikes, although. Uncle Sam solely has a few home worth indices lined up, however robust outcomes might nonetheless result in a greenback enhance.

Do be careful for a check of the close by assist zones at S1 (142.20) or S2 (142.14) in case the figures fall quick. Good luck and good buying and selling!

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