Instrument: USDJPY
Technical Analysis
Bullish Preference:
buy position is envisaged if price trades above 138.101 with take profit at 138.499.
Bearish Preference:
sell position is envisaged if price trades below 137.638 with take profit at 137.336.
Fundamentals:
1:30pm USD Unemployment Claims
Comment:
The U.S. dollar rose in early European trade Thursday as negotiations to end the debt ceiling standoff in Washington have yet to result in a deal, while more Fed officials are due. President Joe Biden and top U.S. congressional Republican Kevin McCarthy have agreed to negotiate directly over the raising of the government’s $31.4 trillion debt ceiling, after a months-long standoff. While most Asian currencies moved little on Thursday and the dollar scaled seven-week peaks on optimism over raising the U.S. debt limit and in anticipation of more cues on monetary policy. The Chinese yuan was a key outlier, hitting its lowest level in over five months amid growing concerns over a slowing economic recovery in the country.
Analysis: SCRUM Team