USD/JPY Economic Insights
Updated
Hello traders,
Just a quick insight on the Yen pair.
The USD/JPY pair has breached the 146.00 level, driven by the strengthening US dollar. AT the moment, investor attention is focused on the imminent release of the New York Empire State Manufacturing Business Conditions Index. It is important to note that there is an uptick in Japan's Producer Price Index (PPI) data.
We are expecting the following data to be released today:
1. Release of the New York Empire State Manufacturing Business Conditions Index.
2. Producer Price Index in Japan exhibits a 0.3% increase.
However, the prevailing market conditions suggest a preference for initiating a short-term buy position, which is in line with my Wlliott wave outlook on the pair (tradingview.com/chart/USDJPY/qJzHHIMc-USDJPY-Anticipating-a-bearish-trend/), but I prefer to watch.
Cheers and happy Trading!
Just a quick insight on the Yen pair.
The USD/JPY pair has breached the 146.00 level, driven by the strengthening US dollar. AT the moment, investor attention is focused on the imminent release of the New York Empire State Manufacturing Business Conditions Index. It is important to note that there is an uptick in Japan's Producer Price Index (PPI) data.
We are expecting the following data to be released today:
1. Release of the New York Empire State Manufacturing Business Conditions Index.
2. Producer Price Index in Japan exhibits a 0.3% increase.
However, the prevailing market conditions suggest a preference for initiating a short-term buy position, which is in line with my Wlliott wave outlook on the pair (tradingview.com/chart/USDJPY/qJzHHIMc-USDJPY-Anticipating-a-bearish-trend/), but I prefer to watch.
Cheers and happy Trading!
Note
As predicted, the upward momentum of the price has stalled, but an evident corrective pullback is yet to materialize. The ongoing correction appears to be in line with the alternation principle, manifesting as a shallow correction that is likely the fourth wave within the ascending impulse, identified as the c wave of a zigzag pattern.
Looking forward, there is a potential for the pair to either:
1. Continue the upward movement towards the 150.083 target, culminating in the completion of the entire corrective structure, after which the anticipated reversal may kick in or,
2. Reverse from the current zone as indicated in this chart (tradingview.com/x/zJLBV6j6).
Subsequent decline from these two zones presents opportunities for downward movement. Therefore, it is advisable to consider the prospect of entering sell positions when either of these scenarios unfold. It is recommended to exercise caution, wait for the market to come to us and manage risk properly.
Cheers and happy trading.
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