Instrument: USDJPY
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 109.227 with take profit at 109.342.
Bearish Preference:
Sell position is envisaged if price trades below 109.030 with take profit at 108.877.
Fundamentals:
No Major Fundamental
Comment: The dollar was down on Tuesday morning in Asia, recording losses against the safe-haven Japanese yen. Concerns over the most recent COVID-19 outbreaks globally, as well as U.S. manufacturing data released on Monday, led investors to wind back bets on a strong economic recovery from the virus.
The state of emergency, effective through Aug. 31, comes as the number of daily cases in Tokyo hit a record.
Analysis: SCRUM Team