USDJPY Potential Sell Opportunity?
USDJPY Potential Sell Opportunity
Technical Analysis
USDJPY is currently trending upwards on the monthly chart, but price is nearing a significant monthly point of interest (order block) which could act as a strong resistance level.
Fundamental Analysis
Tomorrow's economic events carry significant potential to impact USDJPY:
1. Weakness in China's economic data could lead to risk aversion, benefiting the Japanese yen.
2. Anticipation of a rate cut by the Bank of England and Bank of Canada could weaken GBP and CAD, indirectly strengthening JPY.
3. Weaker US data could contribute to risk-off sentiment, favoring safe-haven assets like JPY.
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Technical Analysis
USDJPY is currently trending upwards on the monthly chart, but price is nearing a significant monthly point of interest (order block) which could act as a strong resistance level.
Fundamental Analysis
Tomorrow's economic events carry significant potential to impact USDJPY:
1. Weakness in China's economic data could lead to risk aversion, benefiting the Japanese yen.
2. Anticipation of a rate cut by the Bank of England and Bank of Canada could weaken GBP and CAD, indirectly strengthening JPY.
3. Weaker US data could contribute to risk-off sentiment, favoring safe-haven assets like JPY.
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