Instrument: USDJPY
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 110.120 with take profit at 110.287.
Bearish Preference:
Sell position is envisaged if price trades below 109.807 with take profit at 109.652.
Fundamentals:
1:30pm USD Core PCE Price Index m/m
2:45pm USD Chicago PMI
Comment: Japanese data released at the beginning of the day failed to impress. The Unemployment Rate rose to 2.8% in April, while Tokyo inflation printed at -0.4% YoY in the same month. The U.S. dollar has fallen in April and May so far, reaching its lowest in more than four months, but has changed course this week, picking up in a move which analysts said was due to month-end flows.
Analysis: SCRUM Team