Instrument: USDJPY
Bullish Preference:
Buy position is envisaged if price trades above 148.469 with take profit at 148.656.
Bearish Preference:
Sell position is envisaged if price trades below 148.146 with take profit at 147.994
Fundamentals:
None with High Impact
Comment:
Both yields and the dollar shot up last week after the Fed projected another quarter-percentage point rate increase by the year-end, despite leaving rates unchanged for September itself at a policy meeting on Wednesday.
The Fed had raised interest rates 11 times between February 2022 and July 2023, adding a total of 5.25 percentage points to a prior base rate of just 0.25%. The central bank has forecast that U.S. rates will trend around 5.1% through 2024.
Analysis: SCRUM Team