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101.908

0.01%

XAUUSD
1931.93

0.20%

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79.414

0.10%

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1.08662

0.00%

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0.02%

USDJPY
129.698

0.08%

USNDAQ100
12118.02

0.40%

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USD/JPY: Reaction of US Inflation Numbers

Forex Market
Summary:

Cautious stability still dominates the performance of the USD/JPY currency pair.The bulls' control of the trend will not increase, according to the performance on the daily chart below, without moving above the resistance 135.00.On the other hand, breaking the support level 131.30 will be important for control.Bears are in the trend, and whatever the results of the US inflation numbers today, I still prefer buying the currency pair from every downward level.

Sell USDJPY
End Time
CLOSED

130.000

ENTRY PRICE

124.000

TGT PRICE

131.500

SL PRICE

129.698 -0.110 -0.08%

1500

Points

Loss

124.000

TGT PRICE

131.500

CLOSING

130.000

ENTRY PRICE

131.500

SL PRICE

Fundamentals 

Markets and investors will be looking forward to the release of US inflation data on Thursday to boost the tone for risk appetite. American data occupies a prominent position in driving the markets, not only of the dollar pair against the Japanese yen, but of all currencies against the US currency. US inflation data is due at 13:30 GMT and growth is expected on a monthly basis at 0%, on a yearly basis at 6.5%, down from 7.1% in December.
If inflation is less than expected, the rest of the currencies may benefit against the dollar, but a stronger-than-expected figure could strengthen the US dollar, and it should test stronger bullish levels and compensate for its recent losses. However, markets may choose to focus more on core inflation which is expected to come in at 5.7% for December, which would be a further slowdown from the previous reading of 6.0%.

Technical Analysis 

The USD/JPY exchange rate moved sideways on Thursday morning as the market waited for the crucial US inflation data. It was trading at 132.50, which was a few pips above this week’s low of 131.31. This price is also a few points above this month’s low of 129.71.
Immediate focus is now on 129.49 support in USD/JPY. Firm break there will resume whole decline from 151.93. Intraday bias will be back on the downside for 61.8% projection of 151.93 to 133.61 from 138.16 at 126.83. On the upside, however, break of 132.86 resistance will indicate short term bottoming, and bring rebound to 134.76 resistance and above.
USD/JPY: Reaction of US Inflation Numbers_1
Trading Recommendations :
Trading Direction: short
Entry Price: 130.00
Target Price: 124.00
Stop Loss: 131.50
Risk Warnings and Investment Disclaimers
You understand and acknowledge that there is a high degree of risk involved in trading with strategies. Following any strategies or investment methodologies is the potential for loss. The content on the site is being provided by our contributors and analysts for information purposes only. You alone are solely responsible for determining whether any trading assets, or securities, or signal, or any other product is suitable for you based on your investment objectives and financial situation.

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Chandan Gupta

Analyst

BeingTrader Trading Coach & Speaker, a Technical Analyst since last 7 years. I am a charting lover.. I started my career as a P2P Crypto trader and started learning candle movements and trends all by myself. My style of trading consists of Support/Resistance, Order Blocks, Trends, very little pattern findings and Price Action.

Rank

13

Articles

7

Win Rate

33.33%

P/L Ratio

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USDJPY, WTI, XAUUSD

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