Forex Daily Analysis : February 23, 2021

The daily forex analysis on February 23, 2021 will discuss the Japanese Yen currency moving stronger against the US Dollar over the past few days, the strengthening of the Yen is due to the weakening of the US Dollar. As we know in recent days, in the midst of market participants' pessimism about the US economic outlook and the continuation of the massive stimulus program plan, the currency of the superpower country has weakened. This condition makes investors shift their investments to another safe haven currency, namely the Japanese Yen. The strengthening of the Yen is expected to continue even in a short period of time. The greenback's movement weakened against other major currencies in yesterday's to Tuesday trading today in the Asian session. There are increasing concerns about the rising inflation rate because it is likely that a fiscal stimulus with a very large nominal amount will be passed in the US. Investors' focus today is on the accountability speech of the Governor of the US Federal Reserve "Jerome Powell" at 22:00 WIB. Jerome Powell is scheduled to give his remarks regarding his responsibility as chairman of the US central bank in front of Congress. Market participants hope that Powell will provide assurances that the Fed will not respond too much to higher inflation rates, if the stimulus package plan is actually launched. For example, this will make considerations regarding the US benchmark interest rate. If interest rates are still maintained at the lowest level for a long time, it will spur further weakening of the US Dollar. Broadly speaking, market participants expect Powell not to change his decision regarding the increase in the inflation rate. This refers to the market's desire for the Fed to still understand the higher inflation rate before planning to raise interest rates. However, if Jerome Powell gives more hawkish and optimistic signals and pointers regarding the economic outlook and interest rates, then it will be a positive driver that will strengthen the US dollar against several other major currencies.

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 104.850. 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 23, 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.