Intraday: Bullish
Technical Analysis
Preference:
A Buy position is envisaged if price trades above 107.610 with take profit at 107.900
Alternative scenario:
Sell position is envisaged if price trades below 107.557 with take profit at 107.348
Fundamentals:
Core CPI m/m (USD) 1:30 pm
CPI m/m (USD) 1:30 pm
Comment: The JPY has seen steady decline against other major currency pair, and we could attribute that to the BOJ summary of opinion’s report released on Monday. Here the BOJ where very dovish on their view on the japan economy stating how the COVID 19 has driven the economy to a severe condition. This pessimistic/ dovish report made investors weary of investing in the yen, therefore leading to the downfall of this currency.
Analysis: SCRUM Team