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Daily Market Analysis By FXOpen
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[QUOTE="FXOpen Trader, post: 340090, member: 104606"] [B][SIZE=5]The US Currency Is Consolidating ahead of the Release of Inflation Data[/SIZE][/B] [img]https://i.imgur.com/DesBRHU.jpeg[/img] A rather weak US employment report published last week contributed to the US dollar's decline in almost all areas. Thus, the USD/JPY pair lost more than 150 pp in just a couple of hours, the pound/US dollar pair tested important resistance at 1.2900, and euro/US dollar buyers managed to strengthen above 1.0900. [B][SIZE=5]USD/JPY[/SIZE][/B] [img]https://i.imgur.com/J1NGI7C.png[/img] The weak fundamentals from the US are bolstering investor confidence that the Fed will begin cutting interest rates later this year. And although recent statements by the head of the American regulator, Jerome Powell, can hardly be called dovish, market participants prefer short-term sales of greenbacks. The USD/JPY currency pair fell to 146.50 at the end of last week. Yesterday, buyers of the pair managed to return the price above 147.00, but the full development of an upward correction has not yet been observed. If the pair manages to consolidate above 148.00, the price may test resistance at the alligator lines on the weekly timeframe near the range of 149.50-149.00. An update to the recent low on the USD/JPY chart could trigger a collapse to the extremes of the current year at 146.00-145.80. Today's news on the basic US consumer price index for February will be important for the pair's pricing. [B][URL="https://fxopen.com/blog/en/ru-the-us-currency-is-consolidating-ahead-of-the-release-of-inflation-data/?utm_source=tptforum&utm_medium=analysis&utm_campaign=resolve"]TO VIEW THE FULL ANALYSIS, VISIT THE FXOPEN BLOG[/URL][/B] [I][B]Disclaimer:[/B] This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice. [/I] [/QUOTE]
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