Instrument: USDJPY
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 103.952 with take profit at 104.066.
Bearish Preference:
Sell position is envisaged if price trades below 103.576 with take profit at 103.477
Fundamentals:
2:30pm USD Core Retail Sales m/m
USD Retail Sales m/m
Comment: The dollar was up on Friday morning in Asia, however Federal Reserve Chair Jerome Powell’s dovish comments that interest rates would not rise any time soon capped its gains.
Biden released details of the $1.9 trillion “American Rescue Plan” late Thursday, which includes a wave of new spending, more direct payments to households, an expansion of jobless benefits and an enlargement of vaccinations and virus-testing programs.
Biden’s comments came after Federal Reserve Chair Jerome Powell struck a dovish tone in comments at a virtual symposium with Princeton University.
Powell said the U.S. central bank is not raising interest rates anytime soon and rejected suggestions the Fed might start reducing its bond purchases in the near term.
Analysis: SCRUM Team