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22 August 2024,05:25
Trade Of The Day
22 August 2024, 05:25
* Deficit Drag: The Japanese Yen have fell against the dollar as a record of Japan’s trade deficit data has dragged the Japanese Yen. According to data showed on Wednesday, Japan’s Merchandise Trade Balance fell into a deficit of ¥621.84 billion in July, reversing the surplus of ¥224.0 billion reported in June and missing market estimates of a ¥330.7 billion shortfall. This marks the fifth deficit so far this year, as imports increased at a much faster pace than exports, adding to some doubts about the outlook for an economy that has only just started to pick up the recovery pace.
* Technical Breakout: USDJPY was traded higher following prior rebound from the support level 144.650. MACD which illustrate bullish momentum signal suggest the pair to likely extend its gains.
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards 146.250. Conversely, a potential reversal is also to be expected and the price could head back towards 144.650.
Understand how technical analysis can help you in this trading opportunity.
Looking ahead, traders will be closely monitoring speeches by Bank of Japan (BoJ) Governor Kazuo Ueda and Fed Chair Jerome Powell at Jackson Hole, as these events are expected to drive market volatility.
Know how to manage trading risks with risk management strategies.
Stay updated on US data, central bank updates and any shifts in the US Dollar’s strength by following PU Prime’s market insights and daily financial news.
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