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Instrument: USDJPY
Technical Analysis
Bullish Preference:
Buy is envisage if price trades above 107.190 with take profit at 107.330.
Bearish Preference:
Sell is envisaged if price trades below 107.037 with take profit at 106.880.
Fundamentals:
6:05PM – Fed Chair Powell Speaks
Comment: The dollar inched up on Thursday morning in Asia after hitting a seven-month high against the yen during the previous session. With U.S. Treasuries recording orderly gains and boosting the dollar, U.S. Federal Reserve Chairman Jerome Powell is also due to give a speech later in the day.
The dollar could continue to gain against the yen should Treasury yields continue to rise in an orderly fashion but could fall against currencies of major commodities exporters as the global economy continues to recover from COVID-19.
Analysis: SCRUM Team
