Instrument: USDJPY
Technical Analysis
Bullish Preference:
A buy position is envisaged if price trades above price 110.164 with take profit at price 110.227.
Bearish Preference:
A sell position is envisaged if price trades below price 110.053 with take profit at price 109.988.
Fundamentals: No major fundamental.
Comment: Last Friday, we held the view that ‘the weakness in USD could PUSH ABOVE 109.50 first before stabilization can be expected’. Our expectations did materialize as USD traded sideways and in a quiet manner between 109.68 and 109.98. Momentum indicators are mostly neutral USD could continue to trade sideways. Expected range for today, 109.70/110.10.” US 10-year Treasury yields hold up around 1.33%. USD/JPY fell below the 110.00 gravity line last week but the pair is set to recoup this level as US yields march higher again, economists at ING report.
Analysis: SCRUM Team