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Today, the Japanese yen is trying to counter the U.S. dollar, strengthening following the release of Tokyo CPI inflation data for the Consumer Price Index. These figures suggest that the Bank of Japan might proceed with raising interest rates in January.
Additionally, the Bank of Japan released a summary of opinions from its December monetary policy meeting, emphasizing plans to adjust easing measures. One board member highlighted the importance of monitoring wage negotiation trends, while another stressed the need for careful analysis of data to determine any changes in monetary policy.
Today, the USD/JPY pair tested its monthly high at 158.08. A breakthrough above this level could enable the pair to advance towards the 159.00 psychological level, with the next significant resistance at 160.30. Daily chart oscillators remain in positive territory, bolstering the bullish outlook. However, traders should note the 14-day Relative Strength Index (RSI), currently just below 70. While this reinforces a bullish forecast, an RSI crossing above 70 may signal a potential downward correction. Thus, traders with bullish positions should exercise caution. On the other hand, a drop below 156.30, near the 9-day Exponential Moving Average (EMA), would shift the bias in favor of bearish traders.The table below illustrates the percentage change of the Japanese yen against major listed currencies today:
JPY Strength: The yen showed the most strength against the Australian dollar.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।