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Fed Cuts Rates as Expected; Yen Likely to Appreciate in U.S. Market
In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the USDJPY for NOV 8, 2024.
USDJPY Key Takeaways
Fed rate cut: The (Federal Reserve )Fed chose to cut interest rates by 25 basis points in November as expected. Powell said that he would not pay attention to the fiscal policy after Trump took office for the time being. Before Trump’s new policy is implemented, the probability of a major change in the “soft landing” scenario of the US economy is low, and the Fed may continue to promote the process of rate cuts.
Data is the key: November data is extremely critical, and Trump will significantly loosen fiscal policy in the foreseeable future. Therefore, if the November employment data shows a strong trend, the Fed may still start to suspend interest rate cuts in December.
USDJPY Technical Analysis
USDJPY Daily Chart Insights
(USDJPY Daily Price Chart, Source: Ultima Markets MT4)
(USDJPY Daily Price Chart, Source: Ultima Markets MT4)
MACD: The kinetic energy column and the slow line intersect above the 0 axis to send a short signal, suggesting that the current exchange rate rise is relatively weak. In addition, the exchange rate hit a short-term high, but the kinetic energy column showed a divergence pattern, beware of the continued adjustment and decline of USD/JPY.
False breakout: After USD/JPY broke through the October high, it was suppressed by the resistance of 154.70 and reversed downward. If the exchange rate falls below yesterday’s low today, it is highly likely that yesterday’s rise is a false breakout pattern, and the target below is the low point of the exchange rate on Wednesday.
USDJPY 1-hour Chart Analysis
(USDJPY H1 Price Chart, Source: Ultima Markets MT4)
(USDJPY H1 Price Chart, Source: Ultima Markets MT4)
Stochastic oscillator: The indicator has left the oversold area, and the bullish signal confirms that the short-term USD/JPY will enter a rebound and rise trend.
Elliott wave: The internal structure of yesterday’s decline was a clear five-wave structure, supported by the green 200-period MA, which made it clear that the Elliott decline wave had been completed. During the Asian session, the exchange rate may rebound upward.
Resistance area: The first target of the rebound trend is near the downward trend line, which is also near the short-term MA group. If it continues to rise, it will look at the 50% Fibonacci retracement level.
USDJPY Pivot Indicator
(USDJPY M30 Price Chart, Source: Ultima Markets APP)
(USDJPY M30 Price Chart, Source: Ultima Markets APP)
According to the trading central in Ultima Markets APP, the central price of the day is established at 153.70,
Bullish Scenario: Bullish sentiment prevails above 153.70, first target 154.25, second target 154.75;
Bearish Outlook: In a bearish scenario below 153.70, first target 152.55, second target 152.00.
Conclusion
To navigate the complex world of trading successfully, it’s imperative to stay informed and make data-driven decisions. Ultima Markets remains dedicated to providing you with valuable insights to empower your financial journey.
For personalized guidance tailored to your specific financial situation, please do not hesitate to contact Ultima Markets.
Join Ultima Markets today and access a comprehensive trading ecosystem equipped with the tools and knowledge needed to thrive in the financial markets.
Stay tuned for more updates and analyses from our team of experts at Ultima Markets.
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