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Instrument: USDJPY
Bullish Preference:
Buy position is envisaged if price trades above 149.772 With take profit at 149.896
Bearish Preference:
Sell position is envisaged if price trades below 148.551 with Take profit at 148.413
Fundamentals:
3PM USD: JOLTS Job Openings
Comment:
In the early hours of yesterday morning the BoJ minutes were released wherein a discussion about an exit from negative interest rates took place. One board member raised concerns from a risk management point of view with respect to the major policy change, as the Bank of Japan could have enough data on hand to make a decision on negative rates in the first quarter of next year.
The dollar reached fresh 11-month highs on Tuesday, pushing the yen down closer to a potential intervention zone, after strong U.S. economic data bolstered the view that the Federal Reserve will keep interest rates higher for longer.
Analysis: SCRUM Team
