(Weekly review and backtest) USDJPY
(USDJPY) outlook: Bullish to Bearish. UJ Failed to breakout strong resistance at 151.945 after CPI data released last week. Chart existed with double top pattern, if neckline 149.133 level not able to sustain, predict UJ will have more downturn.
Next BOJ interest rate decision: 15 DEC
Next resistance
-151.945 (21 OCT 2022 high)
-160 (02 APR 1990 high)
Next Support
-147.833
-145.051
Main Highlight: US’s OCT CPI(YOY) was dropped to 3.2%, almost reaching fresh low at 3.0% even interest rate stay constant at 5.5% since July 2023. Indicating FED officials may keep rate unchanged until there is evidence to prove that current interest rate unable to stop inflation rate from hiking.
Next BOJ interest rate decision: 15 DEC
Next resistance
-151.945 (21 OCT 2022 high)
-160 (02 APR 1990 high)
Next Support
-147.833
-145.051
Main Highlight: US’s OCT CPI(YOY) was dropped to 3.2%, almost reaching fresh low at 3.0% even interest rate stay constant at 5.5% since July 2023. Indicating FED officials may keep rate unchanged until there is evidence to prove that current interest rate unable to stop inflation rate from hiking.
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I make a living by drawing charts.
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