Solid News

USDJPY is Trading in a Global Uptrend

9/19/2022 12:44 PM

Against the background of the growth of the American currency, the USD/JPY pair is correcting around 143.23.

Today, the Nikkei published an article regarding the possible continuation of the fall in Japan's gross domestic product (GDP) in the coming quarter: for the first time since 1992, the figure may fall below 4.0T dollars due to the record depreciation of the yen, which occurs due to large differences in accounting central bank rates, and if the US Federal Reserve raises interest rates this week, the Japanese currency will be under even greater pressure. Inflation data will be published tomorrow: the nationwide consumer price index may increase to 2.7% in August from 2.4% earlier, a fairly fast growth rate that strains the economy.

The US dollar is trading at 109.500 in the USD Index, which is expected to stay until the US Fed meeting on Wednesday. However, analysts will pay attention to tomorrow's statistics on the housing market. Although a serious reduction in the volume of new housing construction is not expected (the estimated value is 1.445M), the number of permits issued may decrease to 1.610M from 1.685M a month earlier, which is a wake-up call for the US currency.

The trading instrument is moving within the global uptrend, holding near the year's high, around 143.00.

Technical indicators still ignore local price fluctuations and keep a stable buy signal: the Alligator indicator's EMA oscillation range is directed upwards, and the AO oscillator histogram forms new bars well above the transition level.

Resistance levels: 144.55, 147.00. | Support levels: 142.10, 138.95.

Find Us
First Floor, First St Vincent Bank LTD Building James Street Kingstown St Vincent and the Grenadines
Call Us
+1 415 367 3742

Solid ECN Securities is an international brand formed and authorized in Saint Vincent and the Grenadines with the registration number 1390 LLC 2021 committed to offering the best possible trading experience. Disclosure: Please note that foreign exchange and other leveraged trading involve a significant risk of loss. It is not fit for all investors and you should make sure you realize the risks involved, seeking independent advice if necessary.
Solid ECN Securities and it affiliates don't accept applications from Indonesia, Egypt, Australia, Bonaire, CuraƧao, East Timor, Liberia, Saipan, Russia, Sint Eustatius, Tahiti, Turkey, Guinea-Bissau, South Sudan and other restricted countries.
Copyright All Right Reserved 2022