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Instrument: USDJPY
Technical Analysis
Bullish Preference:
A Buy position is envisaged if price trades above 137.065 with take profit at 137.303
Bearish Preference:
A Sell position is envisaged if price trades below price 136.311 with take profit at 136.013
Fundamentals:
1:30pm USD Core Durable Goods
USD Durable Goods Orders USD Pending Home Sales
Comment:
Minneapolis Federal Reserve Bank President Neel Kashkari was the latest official to comment on the importance of the central bank to curb inflation above everything else, speaking at a gathering in Minneapolis on Tuesday. China’s yuan fell on Wednesday amid concerns that a power shortage in Sichuan could further dent industrial activity, while fears of a hawkish Federal Reserve weighed on broader Asian currencies. The yuan fell 0.4% to 6.8612, coming close to a two-year low against the dollar. Reports of potential power cuts in industrial hub Shanghai weighed on the currency, as investors feared more headwinds to manufacturing activity after a series of COVID lockdowns this year.
Analysis: SCRUM Team
