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Daily Market Analysis 22|03|2021: USDJPY

Instrument: USDJPY

Technical Analysis

Bullish Preference: 
A buy is envisaged if the price trades above 108.962 with take profit at 109.030
Bearish Preference: 
A Sell is envisaged if price trades below 108.582 with take profit at 108.433
Fundamentals:
2:00pm USD Fed Chair Powell Speaks

Comment: The dollar pushed higher in early European trading Monday, with the Turkish lira particularly hard hit after President Recep Tayyip Erdogan abruptly removed his hawkish central bank governor from office.
USD/JPY has further high to make today, as the US economy will try to catch up to Asia as it opens up and outpaces Asia and particularly Japan in the vaccine race, although the recent leap has capped upside potential. This will continue to press for higher US yields

Analysis: SCRUM Team

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