Forex Top Team

USD/JPY (US Dollar/Japanese Yen) – Sell – Currency Focus and Technical Analysis (15-Minute Chart) March 7, 2024


EUR/USD (Euro/US Dollar) – Strong Sell The EUR/USD pair shows slight growth and is trading near 1.0900 and the high of January 24th. Remarks by Jerome Powell, Chairman of the Federal Reserve (FRB), supported the euro. Powell mentioned that the uncertainty over further weakening of price pressures is a key obstacle to the central bank’s borrowing cost reduction program. However, the FRB expects to receive new clear signals of inflation rate deceleration in the near future. On the other hand, the ADP’s report on private sector employment was released, showing an increase from 111,000 in the previous month to 140,000 in February.

GBP/USD (British Pound/US Dollar) – Buy The GBP/USD pair indicates an upward trend and is testing a breakout at 1.2740. Yesterday’s focus was on the initial remarks by FRB Chairman Jerome Powell during his congressional testimony. Measures announced in the UK’s budget report include a 2-percentage-point reduction in contributions to the social insurance fund.

AUD/USD (Australian Dollar/US Dollar) – Buy The AUD/USD pair shows significant growth and is testing a breakout at 0.6585. This is attributed to the outcome of remarks by the FRB Chairman during congressional testimony, stating that additional evidence of easing inflation pressure is needed for the commencement of the interest rate reduction program.

USD/JPY (US Dollar/Japanese Yen) – Sell The USD/JPY pair demonstrates vigorous downward movement, testing a breakdown of the support level at 148.50. Tomorrow, Japan will release annual GDP data for the fourth quarter of 2023, while attention in the United States will be on the February labor market report on Friday.

XAU/USD (Gold/US Dollar) – Buy The XAU/USD pair continues its moderate growth, setting new record highs. Today’s investor focus is on the second round of remarks by FRB Chairman Jerome Powell during congressional testimony. Concurrently, data on private sector employment in February from ADP was released, showing a decrease to 8.863 million open positions.

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