Instrument: USDJPY
Bullish Preference:
Buy position is envisaged if price trades above 149.003 With take profit at 149.145
Bearish Preference:
Sell position is envisaged if price trades below 148.646 with Take profit at 148.515
Fundamentals:
3PM USD: CB Consumer Confidence
Comment:
The Japanese Yen fell to a ten-month low against a generally stronger United States Dollar on Monday, pushing USD/JPY close to the 150.00 level at which the Bank of Japan has been known to step in and support its currency in the past. There’s little mystery behind Yen weakness. The BoJ stuck to its guns at the end of last week, maintaining ultra-low interest rates.The U.S. dollar rose Tuesday, climbing to 10-month highs after bond yields soared to 16-year peaks amid growing expectations that U.S. interest rates will rise further this year.
Analysis: SCRUM Team