USDJPY Daily Analysis: July 23, 2021 - Yen Strengthens

The daily analysis of USDJPY on July 23, 2021 from the GIC team this time, will outline the factors that cause the movement of the Japanese Yen currency with the US Dollar. In Thursday's trading, the Yen currency strengthened against the US Dollar. The strengthening of the Yen was supported by the weakening of the US Dollar. The weakening of the US Dollar occurred after the release of bad economic data, the data were Unemployment Claims, CB Leading Index and Existing Home Sales. For today's market movement, USDJPY is predicted to turn weak against the US Dollar currency. The weakening of the Yen was due to the Yen sell-off by market participants. This still unstable market turmoil causes market participants to be more cautious in making trading decisions. The US Dollar currency fluctuates against several other major currencies. In market trading last Thursday, the US Dollar weakened against other currencies. The weakening of the Greenback occurred after the release of poor US economic data, the data were Unemployment Claims, CB Leading Index and Existing Home Sales. However, the weakening of the US Dollar is only temporary because market participants are still hunting for safe haven assets of the US Dollar other than Gold in the current global conditions. Unemployment Claim data was released at 419K, the data on the number of weekly unemployment claims increased from the previous week which was only 368K while the prediction was 350K. In addition, the CB Leading Index data was also released poorly, namely 0.7% while the prediction was 0.8% and the previous period was 1.2%. Another data that was released poorly was Existing Home Sales which was released lower than the prediction, which was 5.86M while it was predicted to be 5.89M while the previous period was 5.78M.

USDJPY Daily Analysis July 23, 2021

Daily prediction and analysis of USDJPY is expected to weaken/rise and the recommended OP (Open Position) is BUY at the level of 110,300. With a Target Profit (TP) of 10 - 20 points and a Stop loss (SL) of 5 - 10 points. This the daily analysis of USDJPY on July 23, 2021 which discusses the movement of the Japanese Yen, the poor release of US economic data has made the Yen strengthen against the US Dollar. Keep Money Management and Risk Management first in your trading. Also read other articles and analyses such as the explanation of "Capital Expenditure" in the GIC Journal. Also follow bonuses from GIC such as 100% deposit bonus and GIC affiliate program.