Forex analytics and overview

USD/JPY Climbs With Trump Backing: What Are the Top Implications for Traders?

2024.11.06 09:07

The pair has surged to a 14-week peak, touching 153.83 as demand for the strengthens with the unfolding US presidential election. This rally aligns with increasing support for Donald Trump, whose victory in critical states has fuelled investor optimism.
 
This week, US political developments are poised to dominate market attention, with the outcome still pending in several swing states.
 
In Japan, the recent minutes indicate a consensus among board members to persist with interest rate hikes, aligning with their inflation and economic objectives. Despite this, there is no immediate expectation for a rate increase until at least January 2025, reflecting the prevailing global economic uncertainties and market volatility.
 
Currently, the Japanese yen is not favoured as a safe-haven asset, with the market focus sharply pivoting towards the US dollar.

Technical analysis of USD/JPY  
USD/JPY forecast
 

The USD/JPY pair has completed a corrective phase to 151.28 and initiated the fifth wave of growth towards 155.38. A consolidation phase around 153.33 suggests the potential for an upward breakout, continuing the ascent towards 155.38. This bullish scenario is supported by the MACD indicator, which shows a solid upward momentum from below the zero level.
 
USD/JPY forecast
 
Following a full correction to 151.28, the pair found strong support and advanced to 153.33. The market is now consolidating at this level, and a continuation of the upward trend to 155.38 is anticipated. This view is corroborated by the Stochastic oscillator, positioned near 80, indicating sustained upward pressure.

By RoboForex Analytical Department
 
Disclaimer
Any forecasts contained herein are based on the author’s particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 97,968.25 4.49%
ethereum
Ethereum (ETH) $ 3,468.23 2.82%
tether
Tether (USDT) $ 0.99933 0.03%
xrp
XRP (XRP) $ 2.30 3.38%
bnb
BNB (BNB) $ 698.58 1.91%
solana
Solana (SOL) $ 200.46 7.24%
dogecoin
Dogecoin (DOGE) $ 0.334481 5.28%
usd-coin
USDC (USDC) $ 1.00 0.03%
staked-ether
Lido Staked Ether (STETH) $ 3,464.94 2.94%
cardano
Cardano (ADA) $ 0.926854 3.21%
tron
TRON (TRX) $ 0.255956 2.14%
avalanche-2
Avalanche (AVAX) $ 41.21 8.69%
chainlink
Chainlink (LINK) $ 24.92 5.22%
the-open-network
Toncoin (TON) $ 5.90 6.57%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,104.01 2.57%
shiba-inu
Shiba Inu (SHIB) $ 0.000023 6.47%
sui
Sui (SUI) $ 4.58 0.07%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 97,532.13 4.16%
hedera-hashgraph
Hedera (HBAR) $ 0.316494 11.98%
stellar
Stellar (XLM) $ 0.394366 8.97%
polkadot
Polkadot (DOT) $ 7.48 4.07%
weth
WETH (WETH) $ 3,469.35 2.89%
hyperliquid
Hyperliquid (HYPE) $ 29.30 4.32%
bitcoin-cash
Bitcoin Cash (BCH) $ 465.31 2.72%
leo-token
LEO Token (LEO) $ 9.51 1.34%
uniswap
Uniswap (UNI) $ 14.28 2.79%
litecoin
Litecoin (LTC) $ 108.19 3.63%
pepe
Pepe (PEPE) $ 0.000019 5.54%
bitget-token
Bitget Token (BGB) $ 4.97 19.13%
near
NEAR Protocol (NEAR) $ 5.58 4.60%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,665.77 2.97%
ethena-usde
Ethena USDe (USDE) $ 0.999065 0.06%
aave
Aave (AAVE) $ 367.67 2.27%
aptos
Aptos (APT) $ 9.82 5.25%
internet-computer
Internet Computer (ICP) $ 11.33 7.76%
usds
USDS (USDS) $ 0.999825 0.24%
crypto-com-chain
Cronos (CRO) $ 0.162439 2.76%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.524035 6.26%
vechain
VeChain (VET) $ 0.051953 10.62%
ethereum-classic
Ethereum Classic (ETC) $ 27.67 3.25%
mantle
Mantle (MNT) $ 1.23 3.78%
render-token
Render (RENDER) $ 7.80 3.40%
bittensor
Bittensor (TAO) $ 500.11 4.52%
mantra-dao
MANTRA (OM) $ 3.87 3.18%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.39 3.97%
whitebit
WhiteBIT Coin (WBT) $ 24.87 2.27%
monero
Monero (XMR) $ 190.91 1.42%
dai
Dai (DAI) $ 1.00 0.03%
arbitrum
Arbitrum (ARB) $ 0.808472 2.93%
filecoin
Filecoin (FIL) $ 5.43 7.15%