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Instrument: USDJPY
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 110.543 with take profit at 110.662.
Bearish Preference:
Sell position is envisaged if price trades below 110.378 with take profit at 110.238.
Fundamentals:
1:30pm USD PPI m/m
USD Core PPI m/m
5:00pm USD Fed Chair Powell Testifies
Comment: The dollar edged lower in early European trade Wednesday, handing back some of the previous session’s sharp gains after a jump in U.S. inflation raised expectations of an early move by the Federal Reserve to tighten monetary policy. The greenback is likely to take its direction from Powell’s two-day testimony before Congress that starts later on Wednesday. Growing short bets on the dollar in the futures markets in recent weeks also made traders wary of shorting the greenback aggressively.
Analysis: SCRUM Team
