บทที่ 29 Japanese PPI Effect
JPY PPI MoM: The Japanese PPI MoM is Expected to Come at 0.5% with a 0.1% Decrease from the Previous Result
Summary:
The Japanese economy might show some weakness after releasing the PPI data on 12-12-2022 at 3:50 AM (GMT +4) with an expected result of 0.5%. USDJPY might touch the 138.00 level today.
Recommended Entry Price:
USDJPY
Entry Price: 136.40
Target Price: 137.50
SL Price: 135.90
1. Fundamentals
Japan will release the PPI report for November on December 12, 2022. The PPI is one of the major monthly indicators that affect the market widely, it measures the price movement of domestically produced and domestically used goods with sample prices collected either from the producer or wholesales of these goods. A higher-than-expected data is bullish for the JPY, and lower-than-expected data is bearish for the JPY. The data is expected to come at 0.5% rather than the previous result of 0.6% which is bearish for the JPY. Bulls might interfere with the USDJPY pair after the release of this data.
USDJPY is currently trading at 136.539 and might show very high volatility during the day not only because of the Japanese PPI data but also because of the worldwide tensions, the U.S & China cold war, and the war in Ukraine
Major traders are holding their positions on USDJPY for further increases in prices.
2. Technical Analysis
USDJPY Daily Chart
The daily USDJPY pattern shows a bullish engulfing with possible prices touching the 138.00 level today.
Support and resistance:
136.45
136.30
136.10
Pivot: 136.56
136.80
137.00
137.24
3. Trading Recommendations
High Probability Scenario:
Long Above: 136.70
Resistance TP1: 137.00
Resistance TP2: 137.35
Alternative Scenario:
Short Below: 136.30
Support TP1: 136.05
Support TP2: 135.80