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Instrument: USDJPY
Bullish Preference:
A buy position is envisaged if price trades above 147.902 with take profit at 148.024
Bearish Preference:
Sell position is envisaged if price trades below 147.606 with take profit at 147.485.
Fundamentals:
USD
1:30 PM Empire State Manufacturing Index
3:00 PM Prelim UoM Consumer Sentiment
Comment:
The U.S. dollar retreated in early European trade Friday, while the euro rebounded from multi-month lows after the European Central Bank’s latest meeting signaled the rate hike will be its last. USD/JPY rose 0.2% to 147.74, with focus turning to a Bank of Japan meeting next week, following some signals from policymakers that an end to its negative rate regime was close.
Japan’s core inflation likely ran at 3.0% in August, according to a Reuters poll, staying above the central bank’s 2% target for a 17th straight month in a sign of broadening price pressure in an economy trying to escape from a long deflationary phase.
Analysis: SCRUM Team
