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Instrument: USDJPY
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 110.090 with take profit at 110.222.
Bearish Preference:
Sell position is envisaged if price trades below 109.681 with take profit at 109.560.
Fundamentals:
No major fundamental.
Comment: Despite rising covid cases in Japan and globally, the government kept its economic assessment unchanged in July, which failed to inspire the JPY bulls. The uptick in USD/JPY could be mainly linked to a fresh leg higher in the US dollar across the board, as risk-aversion deepens in the European session. At the press time, the US dollar index rises to daily highs of 92.79, up 0.10% on the day while USD/JPY was last seen changing hands at 110.03, recovering most losses.
Analysis: SCRUM Team
