Instrument: USDJPY
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 113.579 with take profit at 113.674.
Bearish Preference:
Sell position is envisaged if price trades below 113.258 with take profit at 113.152.
Fundamentals:
4:00pm USD JOLTS Job Openings
Comment: The dollar was down on Wednesday morning in Asia also, global equity markets and oil prices surged on Tuesday after a timely shot of Chinese stimulus helped spark a rally that was further fueled by views that the Omicron COVID-19 variant will not cause major economic damage. The U.S. JOLTS job openings index, due later in the day, is expected to show further proof of a tighter labor market. This would increase bets for a quicker Fed asset tapering, in turn boosting the greenback. Money markets are currently fully priced for a quarter point rate increase by June 2022.
Analysis: SCRUM Team
