Forex Analysis: June 24, 2021 - Yen Weakens on Pessimistic Impact Economic Data

Today's forex daily analysis for June 24, 2021, will discuss the movement of USDJPY. USDJPY's movement in market trading last Wednesday was dominated by the weakening of the Yen against the US Dollar. The weakening of the Yen is due to the pessimism of market participants about the release of Japanese economic data. The data is Japan's Flash Manufacturing PMI. The weakening of the Yen currency is on the other hand, the US Dollar is also weakening against several other major currencies. For today's market movement, it is predicted that the Yen currency will still continue to weaken compared to the US Dollar. Apart from the strengthening of the US Dollar, the weakening of the Yen was also pressured by the physical sale of the Yen currency by market participants. The US Dollar had strengthened against several other major currencies. The strengthening of the US Dollar occurred after the US Central Bank The Fed indirectly surprised the market at a meeting between the Central Banks of several states in America on June 16, 2021. Where in the meeting succeeded in issuing an opinion, it is likely that the US Central Bank will plan to raise interest rates by 2x in 2023. However, the strengthening of the US dollar was halted after the statement of the chairman of the Central Bank "Jerome Powell", in which he said and reiterated that the increase in the inflation rate will still occur and that the increase is only temporary. In addition, Powell also said that regarding the discourse of interest rate hikes, he again said that this would not happen in the near future.

Forex Daily Analysis Prediction June 24, 2021

Today's FOREX prediction on the USDJPY pair is expected to continue its weakness/rise and the recommended OP (Open Position) is BUY at the level of 111.150. With a Target Profit (TP) of 10 - 20 points and a Stop loss (SL) of 5 - 10 points. This the daily forex analysis on June 24, 2021 which discusses the pessimism of market participants about the release of Jepamg economic data, has weakened the Japanese Yen currency. Keep Money Management and Risk Management first in your trading. Visit GIC Indonesia to get information about the world of trading. You can also join us in the GIC Trade Telegram Community and GIC Trade Telegram Channel. Don't forget to check out the GIC Indonesia Youtube account which is full of a lot of information, and follow our Instagram account to get information about various interesting webinars that you can participate in.