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Instrument: USDJPY
Technical Analysis
Bullish Preference:
Buy is envisage if price trades above 109.240 with take profit at 109.336.
Bearish Preference:
Sell is envisaged if price trades below 109.015 with take profit at 108.933
Fundamentals:
USD 12:30 PM Challenger Job Cuts y/y
1:30 PM Prelim Nonfarm Productivity
Prelim Unit Labor cost
Comment: The American currency weakens on the echoes of US Federal Reserve policymakers´ comments, which reaffirmed that inflation spikes would likely be temporary, adding that they will maintain the ultra-loose monetary policy in place until noting clear substantial progress toward the central bank’s goals. US Treasury yields keep retreating, adding pressure on the pair.
The Bank of Japan published the Minutes of its latest meeting, which brought no surprises. The central bank will maintain its quantitative easing, despite some members expressed concerns about its effects on the financial system in the long run. The focus now shifts to US employment data.
Analysis: SCRUM Team
