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Instrument: USDJPY
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 109.467 with take profit at 109.557.
Bearish Preference:
Sell position is envisaged if price trades below 109.313 with take profit at 109.229.
Fundamentals:
USD 1:30PM Core Retail Sales m/m
Retail Sales m/m
Philly Fed Manufacturing Index
Unemployment Claims
Comment: The dollar drifted higher Thursday, with traders keeping their powder dry ahead of next week’s Federal Reserve meeting, looking for indications on when the central bank will start withdrawing its monetary stimulus. The foreign exchange market is now focusing squarely on the Federal Open Market Committee’s two-day policy meeting next week, expecting it to provide some clarity on the outlook for both tapering and eventual interest rate hikes. If anything, the risks for the dollar heading into next week’s Fed meeting may be slightly tilted to the downside if markets cement their view that the tapering announcement will indeed be delayed.
Analysis: SCRUM Team
