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Forex Today: The Japanese yen continues to strengthen

Forex Today: The Japanese yen continues to strengthen

The Japanese Yen continues to strengthen, with the USD.JPY currency pair trading below ¥141, calling into question its long-term bullish trend.

➡️ In the Forex market, the spotlight is on the USD/JPY currency pair as the Japanese Yen continues its multi-day streak of getting stronger, with the Yen the strongest major currency so far today and the US Dollar the weakest. USD/JPY is now trading well below ¥141, which calls into question the long-term bullish trend as the price now appears to have broken below a very fundamental support area near that round number.

➡️ The GBP/USD currency pair is also interesting today as it continues to break to new long-term highs and show bullish momentum. GBP/USD is now trading at a 15-month high near $1.2900.

➡️ Stock markets are higher on positive Chinese real estate outlook. Most global stock markets are trading higher, especially in Asia, where the Hang Seng Index has risen above 1.25% on the day so far.

➡️ Bitcoin remains below what appears to be a very crucial round number at $31k, with the price action now looking more uncertain, suggesting that a bullish breakout may not be likely.

➡️ US short-term inflation expectations have fallen to a 2-year low, but there is still an extremely strong consensus expectation that the US Federal Reserve will raise rates by 25 bps at its next policy meeting .

➡️ The NASDAQ 100 Index will be rebalanced to reduce its very high level of concentration, with just 6 companies currently accounting for half the weighting.

➡️ There will be a release of UK jobless claims data later today.

➡️ The Reserve Bank of New Zealand will hold a policy meeting early tomorrow, where it is not expected to change its policy rate.

 

Credit by DailyForex.com

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