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Instrument: USDJPY
Technical Analysis
Bullish Preference:
A Buy position is envisaged if price trades above 111.448 with take profit at 111.609.
Bearish Preference:
A Sell position is envisaged if price trades below price 111.209 with take profit at 111.031.
Fundamentals:
3PM USD: Fed Chair Powell Testifies
CB Consumer Confidence
Comment: The dollar edged higher in early European trade Tuesday, boosted by rising U.S. Treasury yields as traders position for the Federal Reserve tapering its bond-buying program this year after last week’s policy-setting meeting. USD/JPY rose 0.3% to 111.29, climbing to levels not seen since early July. The yen also weakened ahead of a ruling party election on Wednesday that will decide Japan’s new prime minister, with frontrunners Taro Kono and Fumio Kishida both backing more stimulus to support the pandemic recovery.
Analysis: SCRUM Team
