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Instrument: USDJPY
Bullish Preference:
Buy position is envisaged if price trades above 144.457 WithTake profit at 144.751
Bearish Preference:
Sell position is envisaged if price trades below 143.249 with Take profit at 142.922
Fundamentals:
3:49AM JPY: Monetary Policy Statement
7:30AM BOJ Press Conference
Comment:
The Bank of Japan (BoJ) will provide an update on monetary policy in the early hours of tomorrow morning but any hope of a policy pivot appears to have dried up in the last week. Last week Monday Bloomberg reported on a story in which it suggested the Bank of Japan is not looking to the December meeting when it comes to potential interest rate changes.
The Japanese yen fell sharply on Tuesday after the Bank of Japan maintained its ultra-dovish stance and offered no cues on a planned pivot, while broader Asian currencies were muted as a post-Federal Reserve rally cooled.
Analysis: SCRUM Team
