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Instrument: USDJPY
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 109.247 with take profit at 109.401.
Bearish Preference:
Sell position is envisaged if price trades below 108.809 with take profit at 108.703.
Fundamentals:
No major economic data
Comment: The dollar was up on Friday morning in Asia but remained near a one-week low as calmer bond markets boosted investor sentiment and risk appetite overall. Investors cheered as U.S. President Joe Biden signed a $1.9 trillion stimulus package into law, ahead of schedule and a day after the House of Representative gave its final approval on Wednesday. On the data front, Wednesday’s core consumer prices data also eased fears that massive fiscal stimulus and continuous ultra-easy monetary policy could lead to runaway inflation.
Analysis: SCRUM Team
