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Abstract:The USD/JPY pair is predicted to increase based on both fundamental and technical analyses. Fundamental factors include a potential easing of aggressive bond buying by the Bank of Japan (BoJ), which could lead to yen depreciation. Technical indicators suggest a continuing uptrend, with the possibility of a correction once the price reaches the 157.7 to 160 range.
Product:XAU/USD
Prediction: Decrease
Fundamental Analysis:
US CPI for the month of May cooled, sending the dollar sharply lower ahead of the FOMC statement and updated forecasts due for release at 19:00 (UK). For real-time coverage, read our US CPI report from senior strategist Nicholas Cawley. On the face of it, it was a good report, seeing headline measures of core and headline inflation come in below expectations on a yearly and monthly basis. Fed officials look to services inflation and super core inflation (services excluding housing and energy) as key gauges of inflation momentum. More recently, officials have been interested to see monthly core cpi breaking the trend of successive 0.4% prints which has now materialised after April's 0.3% and now May's 0.2% .
Technical Analysis:
Gold prices are moving into a bear trend with 50 MA crossing below 200 MA and RSI going below the 50 mark. We look for a key level of 2275 area. If prices go below the 2275, we can expect the price to continue to fall and reach previous resistance of 2200 and 2000. Looking at fibonacci retracement, we see 2325 is a great entry point to the downside.
Product: SPY
Prediction:Decrease
Fundamental Analysis:
In the lead up to the inflation print, it is fair to say US equity markets were tentative, consolidating around the recent high. Now, with inflation heading in the right direction again, markets have put a second rate cut back on the table – providing stocks with new vigour.
The Fed is due to update their dot plot projection of the likely Fed funds rate for 2024. In March, officials projected three quarter-point rate cuts but Mays inflation data could see that revised to just two or in an extreme case, one. Nevertheless, the prospect of lower future rates has stocks trading higher with 5,500 the next level of interest to the upside.
Technical Analysis:
We see the S&P 500 has recently broken through 2.618 and it looking to reach another fibonacci extension level of 596.76. Therefore we can look for an entry around the support area of 535 and look for a long position to 600.
Product:USD/JPY
Prediction: Increase
Fundamental Analysis:
Yen depreciation and undesirable volatility has plagued Japanese officials for some time now but the latest US CPI data provided some breathing room. The Bank of Japan (BoJ) is due to meet in the early hours of Friday morning where there is likely to be more focus on easing up on aggressive bond buying, allowing the Japanese Government bond yield to rise freely above 1%. This can be viewed as the next step in the Banks path to normalisation in a manner that is unlikely to destabilise markets.
Technical Analysis:
USDJPY prices have been on an uptrend and it looks to stay this way based on technical indicators. We expect RSI to reach above 70 as an entry to go short. Based on the fibonacci retracement, once prices reach above 157.7 to 160 area. We can expect the price to fall.
Product: BTC/USD
Prediction: Increase
Fundamental Analysis:
Enormous volumes of BTC are being withdrawn from exchanges as the first cryptocurrency is being slowly moved to self-custody. The tendency raises questions, and, usually, the growth of scarcity on exchanges leads to price growth, but that is not the case now.
The liquidation heatmap data shows notable sell-offs that have aided in the decrease in the price of Bitcoin. The graph shows that the $72,000, $69,000 and $66,000 levels saw significant clusters of liquidations. These liquidations show strong selling pressure because the price was forced lower by the forced closure of leveraged positions. The recent price action of Bitcoin shows that this cascading effect from liquidations frequently results in a swift and steep decline.
Technical Analysis:
The bitcoin price has been hovering around 72700 and 56000 for the past 2 months. We can see price action to continue along these price ranges with the entry points on fibonacci retracement levels. If price supports at 0.618 $66500, we can look for an upside profit taking of 69236 or a downside profit taking of 64600.
Market Analysis Disclaimer:
The market analysis provided by KVB Prime Limited is for informational purposes only and should not be construed as investment advice or a recommendation to buy or sell any financial instrument. Trading forex and other financial markets involves significant risk, and past performance is not indicative of future results.
KVB Prime Limited does not guarantee the accuracy, completeness, or timeliness of the information provided in the market analysis. The content is subject to change without notice and may not always reflect the most current market developments or conditions.
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Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
Gold prices have been highly volatile, trading near record highs due to various economic and geopolitical factors. Last week's weak US employment data, with only 114,000 jobs added and an unexpected rise in the unemployment rate to 4.3%, has increased the likelihood of the Federal Reserve implementing rate cuts, boosting gold's appeal. Tensions in the Middle East further support gold as a safe-haven asset. Technical analysis suggests that gold prices might break above $2,477, potentially reachin
The global market is experiencing significant volatility due to uncertainties in economic data and central bank policies. Key highlights include the Nasdaq 100 index's dramatic rise and fall, Amazon's disappointing sales data, and Japan's significant stock market drop following an unexpected rate hike by the Bank of Japan.
The USD/JPY pair rises to 154.35 during the Asian session as the Yen strengthens against the Dollar for the fourth consecutive session, nearing a 12-week high. This is due to traders unwinding carry trades ahead of the Bank of Japan's expected rate hike and bond purchase tapering. Recent strong US PMI data supports the Federal Reserve's restrictive policy. Investors await US GDP and PCE inflation data, indicating potential volatility ahead of key central bank events.
The yen weakens further as Fed Chair Powell's cautious remarks influence market sentiment. USD/JPY remains around 161, with resistance at 162, driven by Powell's comments and upcoming US CPI data. June's lower-than-expected PPI in Japan adds pressure on the yen. The sentiment is bullish for USD/JPY, supported by strong US economic indicators. Key influences include Federal Reserve signals, US economic data, and Japan's PPI. Potential movement for USD/JPY could see it testing 162 resistance.