Chapter 47 Is USDJPY continuing the downtrend?
09/01/2023
Summary
USA Inflation rate expectation leads the market
Fundamental analysis
Economists at the investment bank ING presented their expectations regarding the movement of the US dollar index in the coming period, as analysts suggested that the US dollar would witness a decline, to settle near the level of approximately 102.00 points. This coming Thursday we have inflation rate CPI With lower expectations than the previous month and that consider harmful for the US dollar because it could lead the Federal Bank to lower the interest rate aggressiveness.
U.S. CPI YoY
Previous 7.1%
Expected 6.6%
Technical analysis
We see in the four-hour diagram chart, We have double top formation, And the market price is now at 131.936 we expect the market to keep pushing down to the previous demand zone at 129.830 With a 20-moving average pointing down.
Trading Recommendation
Trading Direction: Short
Entry Price: 131.542
Target Price: 129.834
Stop Loss: 132.765
