Forex Daily Analysis : February 11, 2021

The daily forex analysis on February 11, 2021 this time discusses the movement of the Japanese Yen versus the US Dollar in the Asian session trading on Thursday, February 11, 2021, the day before the Chinese New Year/Chinese New Year is expected to weaken to a limited extent. The weakening of the yen is due to pessimistic signals from the release of Japanese producer price index data yesterday. Where the data was released according to the predictions of experts, which was -1.6%. In addition, today the Japan Exchange is on holiday to commemorate the observance day of National Foundation Day. The greenback moved higher but is still in a limited range, although this strengthening is still at the lowest position in 2 weeks. For US Inflation data that is lower than expected and the promise from the US Central Bank Federal Reserve to maintain interest rates at the lowest level until an undetermined deadline, the US Dollar currency continues to be overshadowed by weakness. On the other hand, US inflation data released on Wednesday showed that the core Consumer Price Index (core CPI) moved limited and tended to be flat over the past few months. Inflation remains the focus of attention of market participants, assuming that low demand and the same policy that will be taken by the US Central Bank also causes the inflation rate to remain below the expected level. Fed Chairman Jerome Powell said in the early hours of this morning that the unemployment rate in the United States is still high, and for the inflation rate, the Central Bank still targets the inflation level at 2% before taking steps and policies in the future. In addition, Powell will still maintain interest rates at the lowest level until an undetermined deadline.

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 104,500. With a Target Profit (TP) of 10 - 20 points and a Stop loss (SL) of 5 - 10 points.
This the daily analysis of forex on February 11, 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.