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Instrument: USDJPY+
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 147.729 with take profit at 148.119
Bearish Preference:
Sell position is envisaged if price trades below 146.941 with take profit at 146.572
Fundamentals:
1:15pm USD ADP Non-Farm Employment Change
7:00pm USD FOMC Statement
Comment:
The Japanese yen bucked the trend, rising 0.7% on expectations that the government will intervene further in foreign exchange markets to support the currency. Tokyo spent a record $42.8 billion in October to lift the yen from a 32-year low. The U.S. dollar weakened in early European trade Tuesday as traders weighed the likelihood that the Federal Reserve signals a less aggressive interest rate tightening path at the end of its latest policy meeting on Wednesday.
Analysis: SCRUM Team
