Welcome to Extreme Investor Network, where we provide you with unique insights and expert analysis on the stock market, trading, and Wall Street. Today, we will discuss the short-term forecast for USD/JPY, focusing on the impact of the Michigan Consumer Sentiment data.
The Michigan Consumer Sentiment index plays a crucial role in determining the direction of USD/JPY trends. Positive numbers from the Michigan data could dampen expectations of Fed rate cuts in Q4 2024, potentially pushing USD/JPY towards 143. However, traders should also keep an eye on commentary from the Bank of Japan and support for rate hikes in Q4.
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Looking at the USD/JPY price action on the daily chart, we see the currency pair trading below the 50-day and 200-day EMAs, indicating bearish price trends. A breakout above the 142.500 level could signal a move towards the 143.495 resistance level, with potential further upside towards 145 and 145.891. On the other hand, a break below the 141.032 support level could lead to a decline below 140.
Keep an eye on the Bank of Japan commentary and the Michigan Consumer Sentiment numbers as they could impact USD/JPY movements. The 14-day RSI currently stands at 31.52, suggesting a potential break below the 141.032 support level before entering oversold territory.
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