Weekly Market Strategy - December 10, 2024 (Tuesday)

Despite major economic indicators such as employment statistics last week, the currency markets were relatively calm compared to two weeks ago. USD/JPY traded with a high of 151.23 and a low of 148.65, creating a weekly range of 258 pips (1.67%), which is narrow for a weekly timeframe and represents a correction move (technically moving opposite to the trend).

Regarding the employment statistics, 237,000 jobs were created in November, a significant increase from October's 36,000 (revised upward), exceeding the market expectation of 200,000. Despite this, the market reacted surprisingly calmly. At the start of the week, USD/JPY has been bought from the 149 yen level to the 151 yen level on yen weakness.

USD/JPY is likely to appreciate further (USD/JPY to decline) due to expectations of Fed rate cuts and Bank of Japan rate hikes. From here, a selling strategy is recommended waiting for rallies. Sell above 152 yen. Stop loss at 156.8 yen, take profit in the 147 yen range.

WTI crude oil futures remain unresponsive despite OPEC+ announcing continued production cuts. However, a new Middle East risk has emerged. Syria's Assad regime, which lasted for 50 years, has been overthrown by al-Qaeda-linked armed groups. Despite this, WTI remains in the 68 dollar range.

WTI crude fundamentals are weak, but with geopolitical risks present, it is difficult to sell. Rather, waiting for declines to buy? Near the year's lowest level around 9/10, the 65 dollar range is a long position. Take profit at 72 dollars, stop loss below 60 dollars.

Gold slightly broke above the range that had continued since the Syrian government overthrow but stopped at 2,700 dollars.

For gold, from a long-term perspective, buying below 2,600 dollars is recommended. Short-term: short at 2,725 dollars, stop loss at 2,800 dollars, take profit at 2,550 dollars.