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Instrument: USDJPY
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 133.458 with take profit at 133.762
Bearish Preference:
Sell position is envisaged if price trades below 132.826 with take profit at 132.522
Fundamentals:
3:00pm USD ISM Services PMI
Comment:
The U.S. dollar edged higher in early European trade Wednesday, maintaining the overnight gains on raised geopolitical tensions and after Federal Reserve officials pointed to more rate hikes ahead. Data released Tuesday showed the number of vacancies across the U.S. fell more sharply than expected in June to its lowest level since September, an ominous precursor to Friday’s official employment report. However, this sign of a cooling U.S. labor market was not enough to persuade Fed policymakers that now was the time to ease back the central bank’s aggressive monetary policy tightening.
Analysis: SCRUM Team
