Instrument: USDJPY
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 110.673 with take profit at 110.749.
Bearish Preference:
Sell position is envisaged if price trades below 110.420 with take profit at 110.310.
Fundamentals:
3:00pm USD CB Consumer Confidence.
Comment: Financial markets are in risk-off mode, with the greenback firmer against most of its major rivals. Japan published the May Unemployment Rate, which rose to 3% from the previous 2.8%, worse than the expected 2.9%. Large Retailer Sales for May printed at 6%, below the previous 15.5%. The US will publish June CB Consumer Confidence, foreseen at 118.9 from the previous 117.2.
The US dollar remained supported by growing speculations that the Fed will tighten its monetary policy earlier if price pressures continue to intensify.
Analysis: SCRUM Team
