We recently noticed that some third-party companies and individuals impersonated the TOPONE Markets brand and illegally misappropriated our trademarks.

We Hereby Reiterate Our Statement:

  • TOPONE Markets does not provide discretionary account operation trading services, nor does it cooperate with other third-party vendors and/ or agents to provide such services.
  • TOPONE Markets staff will not promise to our customer the definite profit, please do not trust any kind of the profit promise or profit related picture, such as screenshot/ chat history, etc, all investment profit can be only viewed on our official website and application.
  • TOPONE Markets is a professional online trading platform with low spreads and zero handling fees. Be wary of any behavior that asks you for any fees directly and privately. TOPONE Markets does not charge a fee at any stage of its trading process or other fee.

If you have any questions or concerns, please feel free to reach us by clicking the "Online Customer Support" or send an email to our customer care team cs@top1markets.com. We will answer your questions and assist you promptly.

Understood
We use cookies to learn more about how you use our website and what we can improve. Continue to use our website by clicking "Accept". Details
Market News As traders eagerly await US CPI, USDJPY maintains a defensive stance and stands above 146,000

As traders eagerly await US CPI, USDJPY maintains a defensive stance and stands above 146,000

The USDJPY faces some selling pressure on Thursday due to a small USD decline. The Fed-BoJ policy difference should act as a tailwind and assist the pair in limiting losses. Also hesitant, traders prefer to await the release of the critical US CPI report.

Alina Haynes
2022-11-10
480

 截屏2022-11-10 下午4.21.43.png

 

The USDJPY pair struggles to capitalize on yesterday's decent bounce from the 145.15-145.10 support zone, or a nearly two-week low, and faces a new supply on Thursday. During the early European session, the pair stays on the defensive and is currently trading at the daily low, slightly above the 146.00 round number.

 

A minor decline in the U.S. dollar, accompanied by repositioning activity ahead of major U.S. macroeconomic data, proves to be a driving force behind some USDJPY selling. The downside remains cushioned, though, as traders are unwilling to put aggressive bets ahead of Thursday's release of the latest US consumer inflation data. The vital US CPI report will play an important part in deciding the Fed's policy tightening path, which should influence the near-term USD price dynamics and provide a fresh push to the major's direction.

 

The markets continue to price in the prospect of a December rate hike of at least 50 basis points. In contrast, the Bank of Japan has not shown any desire to increase interest rates as of yet. In addition, the BoJ maintains committed to keeping the yield on 10-year bonds at 0%. Governor Haruhiko Kuroda of the Bank of Japan reaffirmed on Thursday that the central bank must continue to support a weak economic recovery with loose monetary policy. Kuroda noted that economic uncertainty is quite high and that, if necessary, negative interest rates can be reduced further.

 

This represents a significant difference compared to a more hawkish Federal Reserve and boosts the likelihood of USDJPY purchasing. In addition, the fact that the BoJ governor dismissed hopes for a direct intervention in the foreign exchange market to protect the native currency lends validity to the optimistic slant. Consequently, any future decline may continue to attract some purchasers and is likely to be limited, at least for now. However, a decisive breach below the psychological level of 145.00 would render the optimistic perspective invalid.

Previous
Next

Bonus rebate to help investors grow in the trading world!

Need Assistance?

7×24 H

Download the APP for Free