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Instrument: USDJPY
Bullish Preference:
Buy position is envisaged if price trades above 143.100 with take profit at 143.448.
Bearish Preference:
Sell position is envisaged if price trades below 142.728 with take profit at 142.428.
Fundamentals:
USD
Flash Manufacturing PMI 2:45pm
Flash Services PMI 2:45pm
Comment:
The Japanese yen was flat after sinking to more than six-month lows against the dollar in overnight trade.Data released on Friday showed consumer inflation grew slightly more than expected in the 12 months to May. But a core reading that excludes food and fuel prices jumped to a 42-year high during the month, indicating that underlying Japanese inflation remained heated. Fears of rising rates in the West drove up demand for the dollar, with the dollar index and dollar index futures adding 0.2% each in Asian trade. Powell’s comments also sparked flows into the greenback, as markets began pricing in a nearly 75% chance that the Fed will hike rates further in July.
Analysis: SCRUM Team
