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Instrument: USDJPY
Bullish Preference:
A buy position is envisaged if the price trades above151.177 with take profit at 151.320
Bearish Preference:
A sell position is envisaged if the price trades below 150.974 with take profit at 150.759
Fundamentals:
2:30pm USD Unemployment Claims
8:00pm USD Fed Chair Powell Speaks
Comment:
Kazuo Ueda, the Governor of the Bank of Japan (BoJ), reiterated the central bank’s commitment to maintaining its ultra-loose monetary policy, including negative interest rates and yield curve control, until there is more confidence in achieving their 2% inflation target. He noted an increase in active price lifts and wage hikes by companies, which he views as crucial steps towards sustainably reaching this target.
In a recent parliamentary session on November 9, Ueda exhibited a prudent outlook on Japan’s monetary policy, underscoring the requirement for sufficient evidence before instituting changes. He projected an inflation increase to nearly 2 percent and emphasized the need to scrutinize wage trends for a significant societal increase.
The U.S. dollar edged lower in early European trade Wednesday, handing back some of the previous session’s gains, but activity is limited as traders look for more monetary policy cues from speeches by a series of central bankers, including Fed Chair Jerome Powell.
Analysis: SCRUM Team
