USDJPY Moving Well
The recent breakout trade idea issued in USDJPY has hit its initial target at 115.45. The uptick in USD this week has been further bolstered by a hawkish set of FOMC meeting minutes, which showed the Fed clearly discussing upside risks in its outlook and the need to tighten at a quicker pace if necessary. With data broadly trending higher and the US government’s COVID booster program having ongoing success, the near-term outlook for USD remains favourable here. While above the 114.70 level, the focus is on a push up towards the 116.06 level next.
Keep An Eye On
The US market is offline today with the Thanksgiving holiday, so flows might be a little lighter into the weekend. Looking ahead next week, the focus will be on the labour market readings for November. These releases have the potential to create a lot of USD volatility so be sure to stay tuned into the blog next week as we bring you our previews and trade ideas ahead of the release.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.