Instrument: USDJPY
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 115.079 with take profit at 115.285.
Bearish Preference:
Sell position is envisaged if price trades below 114.647 with take profit at 114.461 .
Fundamentals:
3:45am JPY BOJ Outlook Report
JPY Monetary Policy Statement
7:30am JPY BOJ Press Conference
Day 2 All WEF Annual Meetings
2:30pm USD Empire State Manufacturing Index
Comment: The dollar was down on Tuesday morning in Asia, while the latest policy decision from the Bank of Japan dictated the yen’s moves. The Bank of Japan handed down its policy decision earlier in the day, with the interest rate steady at –0.10%. The dollar’s weakness came despite a continual rise in U.S. Treasury yields. Two-year yields rose above 1% for the first time since February 2020 as the Asian session opened and as trade resumed after a holiday in the U.S. Five-year yields rose 3.6 bps to 1.5960%, the highest since January 2020.
Analysis: SCRUM Team
