Instrument: USDJPY
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 109.835 with take profit at 109.966.
Bearish Preference:
Sell position is envisaged if price trades below 109.582 with take profit at 109.453.
Fundamentals:
No major Fundamentals
Comment: The US Dollar (via the DXY Index) proved feeble in the wake of the May US nonfarm payrolls report, failing to gain any significant upside traction through the week, even around the hot May US inflation report. The DXY Index did manage to gain +0.42% over the past five days, its best weekly performance since the last week of April. But markets seem to have full faith in the Federal Reserve’s point of view that rising price pressures are transitory, as evidenced by the drop in US Treasury yields to multi-month lows.
Analysis: SCRUM Team