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Daily Market Analysis 19|02|2021: USDJPY

Instrument: USDJPY

Technical Analysis

Bullish Preference: 
Buy position is envisaged if price trades above 105.778 with take profit at 105.909
Bearish Preference: 
Sell position is envisaged if price trades below 105.466 with take profit at 105.332
Fundamentals:
No major fundamental

Comment: The U.S. dollar paused on Friday after its biggest loss in 10 days as disappointing U.S. labour market data bruised optimism for a speedy recovery from the COVID-19 pandemic. The pair extended this week’s retracement slide from five-month tops and witnessed some follow-through selling during the Asian session on Friday. The downfall marked the third consecutive day of a negative move and was sponsored by a combination of factors. The US bond yields started retreating from one-year tops after the FOMC meeting minutes on Wednesday reaffirmed that the US central bank will maintain its ultra-accommodative monetary policy stance.

Analysis: SCRUM Team

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