Hello Traders,
The week is heading into a close with the BOJ’s interest rate decision to maintain the 0.25% mark and with BOJ Governor Kazuo Ueda’s press conference. Today Ueda stated that their decision on future monetary policy adjustments will depend on economic, price and financial developments at the time. “If the economic and price forecasts will be achieved we will raise interest rates and adjust the degree if monetary support accordingly” he noted. The decision at this time to keep the interest rates at 0.25% is still due to lack of achieving the economic outlook desirable. During July’s meeting BOJ increased interest rates from 0.10% to 0.25% on July 31st, as the USDJPY has been making it’s way down from the 160’s towards 140’s and August 5th low. Current decision to hold rates steady provides a breather and rebound in the USDJPY near term.
USDJPY Rebounds After Reaching The Psychological support around the 140 level – RSI Indicates Momentum To The Upside Near Term – 147 & 149 Levels To Watch For If Bulls Manage To Break The Trendline
Additionally, prior this week we have seen US Retail sales better than expected, while the anticipated Fed’s Interest Rate cut of 50bps became a fact. Markets have been expecting and pricing in the cut and now the focus will be shifting into next week’s US PMI’s, consumer confidence & GDP, while Fed’s chairman Jerome Powell will hold a speech on Thursday 26th of September ay 14:20 GMT. Any positive or negative outlook in terms of US’s economic release could shift recent market trends across the board and this should be what traders need to look for in terms of the next moves ahead.
More on next week’s technical outlook to be publish on Monday 23.09.2024 during the London session. Enjoy the weekend ahead.
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