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Key Highlights USD/JPY dived over 250 pips from the 161.80 resistance zone. It traded below a key bullish trend line with support at 160.90 on the 4-hour chart. The US CPI slowed more than expected and came in at 3% in June 2024 (YoY). There were speculations of BOJ’s intervention after USD/JPY declined over 2%. […]

The post USD/JPY Plummets After US CPI Release: Is BOJ Stepping In? appeared first on Action Forex.

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24/08/2024

Weekly Economic & Financial Commentary: The Time Has Come for Policy to Adjust

Summary United States: Homes Out of Range Chair Powell delivered a distinctively dovish speech this week at Jackson Hole. Elsewhere, a slew of housing data revealed that, although green shoots are sprouting, affordability issues continue to constrain the housing market. Meanwhile, another decline in the Leading Economic Index was a reminder that recession risks lie […]
03/05/2024

EURJPY Wave Analysis

EURJPY under strong bearish pressure Likely to fall to support level 163.10 EURJPY under the strong bearish pressure after the price reversed down from the major multi-year resistance level 170.00 (which started the sharp weekly downtrend back in 2007). The resistance level 170.00 was strengthened by the upper daily Bollinger Band and by the resistance […]
27/04/2024

Weekly Economic & Financial Commentary: The Long and Winding Road to Easing

Summary United States: The Long and Winding Road to Easing The case for rate cuts this summer continued to weaken as this week’s economic data painted a scene of stubborn inflation against the backdrop of defiant consumer demand. We got our first look at Q1 GDP, which downshifted to a 1.6% annualized pace and was […]