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The price of USDJPY could begin to trade higher as the risk sentiment improves in the market. Will this see price trade higher?
Watch the video to learn more…
USDJPY Rises As The Market Moves Back To Risk On
The price of USDJPY has rallied from the lows of 129.80 as the risk mood improves in the forex market. Investors’ worries over the US and European banking troubles appear to be easing. Top US Federal Reserve member Michael Barr stated the US banking sector was ‘sound and resilient’. The US Stock markets have reacted well to this, as well as the bond yields.
The focus will be on the CORE PCE Price Index on Friday as it’s the Federal Reserve’s primary inflation measure. This data differs from Core CPI in that it only measures goods and services targeted towards and consumed by individuals. Prices are weighted according to total expenditure per item which gives important insights into consumer spending behavior. A strong reading here would put the pressure back on the Fed to hike further.
USDJPY
The price on the chart has traded through multiple technical levels and some observations included:
- The price broke the lows of 128.80 grabbing the liquidity from the previous longs.
- Price has traded through a daily trend line resistance.
- Price is targeting the minor highs 132.75.
- A break above this level could lead to a move towards 134.50 or 137.75.
Have you watched our GBPUSD analysis? You can see it here.
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