USD/JPY: Tokyo CPI up 3.0% in December 27.12.2024
Good afternoon, dear forum visitors!
NPBFX offers the latest release of analytics on USD/JPY for a better understanding of the current market situation and more efficient trading.
Current trend
The USD/JPY pair is adjusting in a sideways trend at 157.56 amid the neutral dynamics of the American dollar and positive macroeconomic data from Japan.
Thus, in November, retail sales accelerated from 1.3% to 2.8%, although analysts expected 1.5% YoY and from 0.1% to 1.8% MoM, industrial production slowed from 2.8% to –2.3% YoY and from 1.4% to –2.8% MoM. There is not enough volatility in the market to change the situation. The Tokyo CPI rose as expected from 2.6% to 3.0%, and the core indicator – from 2.2% to 2.4%. Thus, the Bank of Japan officials may continue to tighten the monetary policy that some experts have been expecting since October.
The American dollar is trading at 107.90 in the USDX and is unlikely to be subject to significant volatility until the end of the year. Trading activity has fallen so much that investors have barely reacted to yesterday’s labor market report, which showed a decrease in the initial jobless claims from 220.0K to 219.0K. In contrast, the total claims increased from 1.864M to 1.910M, the high of this year.
Support and resistance
On the daily chart, the trading instrument is correcting within the local trend, holding close to the resistance line of the ascending channel with boundaries of 162.00–153.00.
Technical indicators have given a buy signal: fast EMAs on the Alligator indicator are moving away from the signal line, and the AO histogram is forming ascending bars in the positive zone.
Resistance levels: 158.20, 161.60.
Support levels: 156.30, 152.00.
Trading tips
Long positions may be opened after the price rises and consolidates above 158.20, with the target at 161.60. Stop loss is 157.00. Implementation period: 7 days or more.
Short positions may be opened after the price falls and consolidates below 156.30, with the target at 152.00. Stop loss is 159.00.
Use more opportunities of the NPBFX analytical portal: weekly FOREX forecast
You can learn more about the current situation and get acquainted with the weekly analytical forecast in the "Video reviews" section on the NPBFX portal. Weekly video reviews contain trends, key levels, trading recommendations for such popular instruments as GBP/USD, EUR/USD, USD/CHF, AUD/USD. In order to get free and unlimited access to video forecast and other useful instruments on the portal, you need to register on the NPBFX website.
If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.
Use the current recommendations of analysts on USD/JPY and trade efficiently with NPBFX.
Good afternoon, dear forum visitors!
NPBFX offers the latest release of analytics on USD/JPY for a better understanding of the current market situation and more efficient trading.
Current trend
The USD/JPY pair is adjusting in a sideways trend at 157.56 amid the neutral dynamics of the American dollar and positive macroeconomic data from Japan.
Thus, in November, retail sales accelerated from 1.3% to 2.8%, although analysts expected 1.5% YoY and from 0.1% to 1.8% MoM, industrial production slowed from 2.8% to –2.3% YoY and from 1.4% to –2.8% MoM. There is not enough volatility in the market to change the situation. The Tokyo CPI rose as expected from 2.6% to 3.0%, and the core indicator – from 2.2% to 2.4%. Thus, the Bank of Japan officials may continue to tighten the monetary policy that some experts have been expecting since October.
The American dollar is trading at 107.90 in the USDX and is unlikely to be subject to significant volatility until the end of the year. Trading activity has fallen so much that investors have barely reacted to yesterday’s labor market report, which showed a decrease in the initial jobless claims from 220.0K to 219.0K. In contrast, the total claims increased from 1.864M to 1.910M, the high of this year.
Support and resistance
On the daily chart, the trading instrument is correcting within the local trend, holding close to the resistance line of the ascending channel with boundaries of 162.00–153.00.
Technical indicators have given a buy signal: fast EMAs on the Alligator indicator are moving away from the signal line, and the AO histogram is forming ascending bars in the positive zone.
Resistance levels: 158.20, 161.60.
Support levels: 156.30, 152.00.
Trading tips
Long positions may be opened after the price rises and consolidates above 158.20, with the target at 161.60. Stop loss is 157.00. Implementation period: 7 days or more.
Short positions may be opened after the price falls and consolidates below 156.30, with the target at 152.00. Stop loss is 159.00.
Use more opportunities of the NPBFX analytical portal: weekly FOREX forecast
You can learn more about the current situation and get acquainted with the weekly analytical forecast in the "Video reviews" section on the NPBFX portal. Weekly video reviews contain trends, key levels, trading recommendations for such popular instruments as GBP/USD, EUR/USD, USD/CHF, AUD/USD. In order to get free and unlimited access to video forecast and other useful instruments on the portal, you need to register on the NPBFX website.
If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.
Use the current recommendations of analysts on USD/JPY and trade efficiently with NPBFX.
