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Instrument: USDJPY
Technical Analysis
Bullish Preference:
A buy position is envisaged if price trades above price 109.789 with take profit at price 109.860.
Bearish Preference:
A sell position is envisaged if price trades below price 109.573 with take profit at price 109.481.
Fundamentals:
No major fundamental.
Comment: The dollar inched down, but traded near a two-month high against the yen, on Monday morning in Asia. Investors digested mixed economic data from China and strong inflation data from the U.S., while also expecting the U.S. Federal Reserve to start tapering its asset purchases eventually.
Japanese data released earlier in the day said the Industrial Production for April increased by 2.5% month-on-month, surpassing March’s 1.7% but below 4.1% in forecasts.
Analysis: SCRUM Team
