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EUR/JPY Price Analysis: Fails to stay above 157.00 as strong resistance emerged
The EUR/JPY cross pair retraces from daily highs reached earlier at around 157.48 and tumbled below the 157.00 figure as market participants get ready for the central bank bonanza, starting with the US Federal Reserve on Wednesday. At the time of writing, the pair is trading at 156.58, down 0.24%- The pair is downward biased once it breaches below the Ichimoku Cloud (Kumo), and also with the Tenkan-Sen turning bearish, dropping below the Kijun-Sen. In addition, the EUR/JPY has failed to regain a five-month-old previous support trendline turned resistance.
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Recent indicators suggest that growth of economic activity has slowed from its strong pace in the third quarter. Job gains have moderated since earlier in the year but remain strong, and the unemployment rate has remained low. Inflation has eased over the past year but remains elevated. The U.S. banking system is sound and resilient. Tighter financial and credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation. The extent of these effects remains uncertain. The Committee remains highly attentive to inflation risks. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent. The Committee will continue to assess additional information and its implications for monetary policy. In determining the extent of any additional policy firming that may be appropriate to return inflation to 2 percent over time, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, as described in its previously announced plans. The Committee is strongly committed to returning inflation to its 2 percent objective. In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals. The Committee's assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments. Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michael S. Barr; Michelle W. Bowman; Lisa D. Cook; Austan D. Goolsbee; Patrick Harker; Philip N. Jefferson; Neel Kashkari; Adriana D. Kugler; Lorie K. Logan; and Christopher J. Waller. post: FOMC STATEMENT COMPARE pic.twitter.com/5qtTLhfoeR post: FED: THE FOMC VOTE WAS UNANIMOUS.
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The Federal Reserve System is the central bank of the United States. It performs five general functions to promote the effective operation of the U.S. economy and, more generally, ...
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- Posted: Dec 13, 2023 1:42pm
- Submitted by:Category: Technical AnalysisComments: 0 / Views: 2,894