Action Insight Daily Report 4-25-24

Yen Weakens Further as Market Eyes Possible 160 Mark, Dollar Awaits Key GDP Data

Japanese Yen's accelerated decline captured significant attention in Asian session, while the broader currency markets remained generally stable. Market participants interpret the apparent lack of urgency from Japanese officials to address Yen's fall as a tacit approval for its continued depreciation. This perspective gains significance following the recent trilateral meeting between Japan, South Korea, and the US, where the sharp decline of Yen was a subject of "serious concerns." Speculation is rife that Japan might tolerate Yen's fall to 160 mark against Dollar before taking any corrective actions.

Concurrently, Dollar is also soft as traders anticipate US Q1 GDP advance report. The US economy is expected to show 2.1% annualized growth in Q1, slowed from Q4's 3.4%. GDP price index is expected to jump from 1.6% to 3.0%. If these projections hold, they would suggest that the economy is continuing to expand at a healthy rate with little risk of recession. This scenario is likely to support Fed's cautious stance on interest rate cuts. A detailed breakdown showing robust consumer spending could even delay Fed's first rate cuts further...

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 165.67; (P) 165.95; (R1) 166.50; More...

EUR/JPY's up trend continues to as high as 166.78 so far. Intraday bias stays on the upside for 168.72 projection level next. On the downside, below 165.41 minor support will turn intraday bias neutral and bring consolidations first, before staging another decline.

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