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Instrument: USDJPY
Bullish Preference:
A buy position is envisaged if the price trades above 143.701 with take profit at 143.863
Bearish Preference:
A sell position is envisaged if the price trades below 143.286 with take profit at 143.122
Fundamentals:
3:00pm USD CB Consumer Confidence
Comment:
US interest rate markets pushed back the timeline on rate cuts from the Federal Reserve, with the first such move now being priced in for early 2024. Treasury yields are generally slightly higher along the curve today with the notable exception being the 2-year note that has dipped below 4.70%. The US Dollar is generally weaker across the board so far with the high beta Aussie and Kiwi Dollars being the main beneficiaries. USD/JPY continues to trade near its 7-month peak despite the reappointment last week of Masato Kanda as Vice Finance Minister for International Affairs. The role oversees the FX market, particularly if and when intervention will occur. Under his watch in late 2022, USD/JPY turned from its high above 150 in the aftermath of Japanese intervention.
Analysis: SCRUM Team
