Today's focus: USD/JPY - June 13, 2024


U.S. Inflation: May CPI is 3.3%, Core CPI is 3.4%. The November rate cut by the Federal Reserve is fully priced in by the market.

📰 US Inflation: May CPI at 3.3%, Core CPI at 3.4%. November rate cut by the Federal Reserve is fully priced in by the market.

💬 Federal Reserve Rate: Maintained at 5.25%-5.50%. Powell emphasized that despite some easing in inflation, more data is needed.

🏦 Bank of Japan: Decision tomorrow. Expected reduction in bond purchases may strengthen the yen.

🔍 Technical Analysis Highlights:

• Stochastic Oscillator (Daily): Bullish momentum is weak; the yen might appreciate.

• Resistance Levels (Daily): Watch for potential downtrends below the 65-day moving average and around the 78.6% retracement level.

• Stochastic Oscillator (1 Hour): Approaching overbought, indicating possible selling pressure.

• Rounded Top Pattern (1 Hour): Resistance at the neckline and the 65-period moving average may lead to further yen appreciation.

📍 Pivot Indicators:

• Pivot Price: 157.10

• Bullish Scenario: Above 157.10, targets are 157.45 and 157.75

• Bearish Scenario: Below 157.10, targets are 156.45 and 156.15

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Risk Warning and Disclaimer

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

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