Forex Daily Analysis : 04 February 2021

Forex daily analysis on February 04, 2021 discusses the movement of the Japanese Yen currency in the Asian trading session on Thursday, February 04, 2021 today is expected to strengthen compared to the US Dollar. The strengthening of the Yen is supported by the physical buying of the sunrise currency carried out by market participants. However, the strengthening of the Yen is not expected to last long, because the strengthening of the Greenback is increasingly visible. The US dollar strengthened against several other major currencies, this strengthening was due to growing rumors that the US House of Representatives had approved and approved the proposal for a Covid-19 relief stimulus package worth US $1.9 trillion even without the approval of members of the Republican Party. In addition, the strengthening of the US dollar currency was also obtained from the good release of ADP Non-farm Payroll and ISM Services PMI data which was released better than predicted. Positive sentiment is also reflected in the Covid-19 vaccination program and distribution will continue globally. The high hopes of the American public for a large stimulus package under the Biden administration since the beginning of 2021 have supported the US currency to strengthen. In addition, regarding the increase in vaccination and the rapid distribution of Covid-19 vaccinations, it is also one of the driving factors for the strengthening of the US Dollar. Investors' focus is on hourly wage report data, including Non-Farm Payrolls data, which will be released on Friday (04 February 2021) at 20:30 WIB. The release of this data will be the first test of President-elect Joe Biden's administration and also for the recent strengthening of the USD, as it will show how the US economy reacts to the economic growth of Sam's uncle country. The forecast for the release of data on Friday tomorrow is expected to be 62,000 non-farm payrolls added to the US economy. In fact, last month the release of this NFP data, only around (minus -140,000) minus the release of this important data was due to the increasing number of Covid-19 patients in America, which became the highest number of sufferers in the world.

Forex Daily Analysis Predictions

Today's FOREX prediction on the USDJPY pair is expected to strengthen/decline and the recommended OP (Open Position) is SELL at the level of 104,900. With a Target Profit (TP) of 10 - 20 points and a Stop loss (SL) of 5 - 10 points.
This the daily analysis of forex 04 february 2021. 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.