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Instrument: USDJPY
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 113.677 with take profit at 113.773.
Bearish Preference:
Sell position is envisaged if price trades below 113.456 with take profit at 113.356.
Fundamentals:
4:30pm USD Fed Chair Powell Speaks
Comment: The USD/JPY pair maintained its bid tone heading into the European session and was last seen trading near daily tops, just above mid-113.00s. The pair attracted some dip-buying on the first day of a new trading week and recovered a major part of Friday’s losses to the 113.30-25 horizontal support. Rebounding US Treasury bond yields underpinned the US dollar and turned out to be a key factor that acted as a tailwind for the USD/JPY pair.
Analysis: SCRUM Team
