The Yen Sets New Lows

The Yen Sets New Lows

Happy Thursday, dear traders! Today, markets will be volatile due to the releases of the ECB Statement and the US GDP and Unemployment claims! Let's get ready with FBS!

  • Within four days, DOGEUSD gained around 18% as risk-on sentiment returned to the crypto market. 
  • The jump in yields and the weakening yen have fueled fears that the Bank of Japan will consider tightening its ultra-loose policy at its meeting next Tuesday.
  • Bloomberg says the ECB may suspend rate hikes at today's meeting.
  • Meta reported better-than-expected - revenue in the third quarter, growing by 23% YoY, the fastest growth rate since 2021.
  • The strongest US economic growth since 2021 puts the Fed in a difficult position. Traders should be aware of massive volatility spikes. 
  • Speculators are selling gold. The total assets of exchange-traded funds investing in gold fell to their lowest level since February 2020, reaching 2.69 thousand tons. Interest in the metal is declining amid high yields on US Treasury bonds and the return of the gold price to the level of $2,000 per troy ounce. However, with further aggravation of the situation in the Middle East, interest in the traditional defensive asset on the part of speculators may increase, which portfolio managers do not rule out.
  • The Japanese yen fell to its lowest level against the US dollar in 33 years.

USDJPY analysis, H4 timeframe


USDJPY has recently broken above the upper border of the ascending triangle. Currently, the area is between 149.90 and 150.00, a massive support zone that looks like an excellent opportunity for long traders to open positions toward the 152.00 target. 

Have a great trading session!


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