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Instrument: USDJPY+
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 150.011 with take profit at 150.339
Bearish Preference:
Sell position is envisaged if price trades below 149.625 with take profit at 149.238
Fundamentals:
1:30pm USD Philly Fed Manufacturing Index
Comment:
The dollar hit the symbolic level of 150 yen for the first time since 1990 on Thursday as the greenback was supported by Treasury yields trading at multi-year highs, keeping markets on high alert for intervention from Japanese authorities. The Federal Reserve is expected to continue raising interest rates as inflation remains stubbornly hot in the United States, with some forecasting a peak above 5%. This has sent U.S. yields and the dollar higher, particularly against the yen as the Bank of Japan is committed to keeping interest rates near zero.
Analysis: SCRUM Team
