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Instrument: USDJPY
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 110.194 with take profit at 110.297.
Bearish Preference:
Sell position is envisaged if price trades below 109.869 with take profit at 109.773.
Fundamentals:
1:30 PM USD Core retail Sales
USD Retail Sales
3:00PM USD Prelim UoM Consumer Sentiment
Comment: The pair managed to regain some positive traction on the last trading day of the week and for now, seems to have snapped two consecutive days of the losing streak. The Japanese yen weakened a bit after the Bank of Japan lowered its growth forecast for the current fiscal year ending in March 2020 to 3.8% from 4.0% projected in April. This, in turn, was seen as a key factor that extended some support to the USD/JPY pair. Market participants now look forward to the US economic docket, highlighting the release of monthly Retail Sales figures later during the early North American session. This, along with the US bond yields, will influence the USD and provide some impetus to the USD/JPY pair. Apart from this, developments surrounding the coronavirus saga and the broader market risk sentiment might produce some trading opportunities.
Analysis: SCRUM Team
