Instrument: USDJPY
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 105.778 with take profit at 105.909
Bearish Preference:
Sell position is envisaged if price trades below 105.466 with take profit at 105.332
Fundamentals:
No major fundamental
Comment: The U.S. dollar paused on Friday after its biggest loss in 10 days as disappointing U.S. labour market data bruised optimism for a speedy recovery from the COVID-19 pandemic. The pair extended this week’s retracement slide from five-month tops and witnessed some follow-through selling during the Asian session on Friday. The downfall marked the third consecutive day of a negative move and was sponsored by a combination of factors. The US bond yields started retreating from one-year tops after the FOMC meeting minutes on Wednesday reaffirmed that the US central bank will maintain its ultra-accommodative monetary policy stance.
Analysis: SCRUM Team
