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Instrument: USDJPY
Intraday: Bullish
Technical Analysis
Preference:
Buy position is envisaged if price trades above 105.640 with take profit at 105.923
Alternative scenario:
Sell position is envisaged if price trades below 105.349 with take profit at 105.152
Fundamentals:
7:00pm USD FOMC Meeting Minutes
Comment: While the exact reason for the turnaround in the US dollar is not known, the timing of the greenback’s recovery has coincided with the official announcement of Joe Biden as the Democratic nominee for the US Presidential elections, due in November. Technically, the Greenback’s recovery should continue if price breaks the nearest resistance.
Analysis: SCRUM Team
