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Instrument: EURJPY
Bullish Preference:
A buy position is envisaged if the price trades above 155.220 with take profit at 155.407
Bearish Preference:
A sell position is envisaged if the price trades below 1540.619 with take profit at 154.396.
Fundamentals:
None with High Impact
Comment:
The Japanese central bank remains perhaps the clearest major economy outlier as it has declined to tighten its own extremely loose monetary policy even as everyone else has been racing to hike rates. The Bank of Japan still sees inflation as very much a global phenomenon and fears that the Japanese domestic demand it has striven for so long to nurture is still absent. Rising interest rates across developed markets have seen the Yen’s comparative yield charms fade even further. There’s plentiful market speculation that the Bank of Japan may yet tweak its monetary policy, particularly its control of local bond yield curves, but it seems almost vanishingly unlikely that it will significantly tighten its own monetary settings.
Analysis: SCRUM Team
