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Instrument: USDJPY
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 134.751 with Take Profit at 135.430
Bearish Preference:
Sell position is envisaged if price trades below 133.292 with Take Profit at 132.984
Fundamentals:
1:30pm USD Unemployment Claims
Comment:
“The yen will stay weak whilst the BOJ maintains its YCC (yield-curve control) policy,” said Tony Nyman at Informa Global Markets, referring to the central bank’s framework to implicitly cap the 10-year Japanese government bond (JGB) yield at 0.25%. This year’s rise in U.S. Treasury yields has put upward pressure on benchmark 10-year JGB yields, sending the BOJ in a frenzy to protect its de facto yield cap with massive bond-buying that fuelled the yen’s slide.
Analysis: SCRUM Team
