Instrument: USDJPY
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 110.390 with take profit at 110.511.
Bearish Preference:
Sell position is envisaged if price trades below 109.984 with take profit at 109.843.
Fundamentals:
No major fundamental.
Comment: The US Dollar (via the DXY Index) has been overcoming naysayers, doubters, and even negative seasonal trends as it has worked its way through July. Despite the pullback in US Treasury yields and Fed rate hike expectations, the greenback has seemingly benefited from delta variant concerns elsewhere around the world. Relatively speaking, the US is offering higher growth rates in the near-term as parts of Asia, Australia, and Europe move back towards lockdowns.
Analysis: SCRUM Team