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Instrument: USDJPY
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 136.115 with Take Profit at 136.341
Bearish Preference:
Sell position is envisaged if price trades below 135.781 with Take Profit at 135.576
Fundamentals:
No major fundamental
Comment:
The initial optimism led by reports that US president Joe Biden was leaning toward a decision to ease tariffs on goods from China faded rather quickly amid the worsening economic outlook. Investors remain concerned that rapidly rising interest rates and tightening financial conditions would pose challenges to global economic growth. Apart from this, the ongoing Russia-Ukraine war and the COVID-19 outbreak in China have been fueling recession fears. This, in turn, led to a fresh leg down in the equity markets, which offered some support to the safe-haven Japanese yen.
Analysis: SCRUM Team
