Instrument: USDJPY+
Technical Analysis
Bullish Preference:
A buy position is envisaged if the price trades above 135.603 with take profit at 136.267
Bearish Preference:
A sell position is envisaged if the price trades below 134.655 with take profit at 134.022
Fundamentals:
1:30pm USD CPI m/m
USD CPI y/y
USD Core CPI m/m
Comment:
Most Asian currencies moved in a flat-to-low range on Wednesday, while the dollar steadied amid caution before key U.S. inflation data due later in the day, while concerns over a sluggish economic recovery in China continued to weigh. The Chinese yuan fell 0.1%, inching closer towards the 7 level against the dollar as softer-than-expected imports data from the country raised questions over the sustainability of a post-COVID economic rebound. China’s exports also grew at a slower pace in April, pointing to continued pressure on the manufacturing sector as it grapples with weak overseas demand. Markets are now awaiting Chinese inflation data for April, due on Thursday, for any signs of a pickup in local spending.
source: investing.com