Product: USD/JPY
Prediction: Increase
🟢Fundamental Analysis:
The USD/JPY pair has declined after Japan's unemployment rate unexpectedly dropped to 2.4% for September. However, a significant fall from recent highs is unlikely due to uncertainties about the Bank of Japan, particularly after the ruling coalition lost its parliamentary majority.
Meanwhile, the U.S. Dollar Index has pulled back from a three-month high as investors await key economic data this week, including JOLTS Job Openings and Q3 GDP, which will influence expectations for the Federal Reserve's interest rate decisions. Additionally, the outlook for the Yen has weakened further due to Japan's political shifts.
🔵 Technical Analysis:
The USD/JPY pair gave up most of its intraday gains after strong buying interest near 154.00 during Monday's North American session. Initially, the pair rose sharply due to the weakness of the Japanese Yen. However, it faced downward pressure as the U.S. Dollar retraced after failing to sustain its rally at higher levels.
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