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Instrument: USDJPY
Bullish Preference:
A Buy position is envisaged if the price trades above 150.586 with take profit at 150.763
Bearish Preference:
A Sell position is envisaged if the price trades below 150.335 with take profit at 150.183
Fundamentals:
1:30pm USD Advance GDP q/q
USD Unemployment Claims
Comment:
Asia FX weakens, yen on intervention watch after breaching 150
The dollar index and dollar index futures both rose 0.2% in Asian trade, hitting a near two-week high as markets hunkered down before a Federal Reserve meeting next week. While the central bank is widely expected to keep rates on hold, Fed officials have still left the door open for at least one more hike this year.
Recent signs of resilience in the U.S. economy also give the Fed more headroom to keep rates higher for longer. Third-quarter gross domestic product data, due later on Thursday, is expected to show a strong pick-up in economic growth.
Analysis: SCRUM Team
