Instrument: USDJPY
Technical Analysis
Bullish Preference:
A Buy position is envisaged if price trades above 111.329 with take profit at 111.449.
Bearish Preference:
A Sell position is envisaged if price trades below price 111.022 with take profit at 110.944.
Fundamentals:
1:30pm USD Core PCE Price Index m/m
3:00pm USD ISM Manufacturing PMI
Comment: In light of the recent price action, the potential advance to 112.20 in USD/JPY appears somewhat deflated for the time being due to the impending fundamentals coming in hot for the Dollar today. For now, we hope that the data would make the greenback strong enough to fight off the dovish sentiment given by powel’s speech yesterday.
Analysis: SCRUM Team
