- Outlook USD / JPI indicates a stronger dollar because traders await the outcome of the meeting between Trump and Green.
- The traders are preparing for Jackson Hole Symposium.
- Powell may not give a clear switch rating.
Outlook USD / JPI indicates a stronger dollar because traders await the outcome of the meeting between Trump and Green. At the same time, market participants had violated Jackson Hole Symposium.
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Participants in the market expect a key meeting between Trump and Green that could mean progress in the direction in Ukraine. The American president met Russian president Putin on Friday to talk about war. Putin is ready for a peace agreement if Ukraine agrees to conditions. Therefore, Trump will try to convene green to the conditions and quickly ends the war.
In the meantime, Powell will speak on the Jackson Hole Symposium and could drop traces of future politics moves. However, experts believe they may not give a clear signal of the next reception.
“The American Central Bank could reduce the rates in September, but it is unlikely that the chair of a fed signal later,” Lee Hardman, a senior analyst from MUFG said.
“Probably too early for them (Fed) to have a full trust that they can reduce rates again,” he said.
Today Events USD / JPI
The market participants do not expect any key issues of the US or Japan. All focus will stay at the Trump and Green meeting.
USD / JPI Technical Outlook: The bulls face resistance to 30 SMA
On the technical page, the USD / JPI price causes a 30 SMA resistance line. Meanwhile, RSI has broken over 50 years, showing stronger swinging. However, there is no clear direction, because the price maintained lateral movement from its impulsive bear leg.
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At that time, the price chopped through 30 SMA, without a clear pattern for peaks and in line. Therefore, it is a corrective move that could soon lead to impulsive.
It is currently the closest resistance at the level of 148.00. Meanwhile, the closest support is at the level of 146.00. If the bulls regain swing, the price will probably break above the SMA and the closest resistance. This would allow USD / JPI to reset level 150.01. On the other hand, if the bears win, the price will be challenged and discontinued below level 146.00.
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