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Daily Market Analysis 24/09/2021: USDJPY

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Daily Analysis / Online Education

Daily Market Analysis 24/09/2021: USDJPY

Instrument: USDJPY

Technical Analysis

Bullish Preference: 
Buy position is envisaged if price trades above 110.594 with take profit at 110.738.
Bearish Preference: 
Sell position is envisaged if price trades below 110.234 with take profit at 110.108.
Fundamentals: USD 3:00 pm Fed Chair Powell Speaks

Comment: USD/JPY took a breather on Friday after jumping more than 80-pips in the overnight session. The rise in the pair was contributed by the Fed’s cautious optimism on the timeline of tapering and subsequent rate hike. Additionally, a further move was corroborated by the ebbed contagion of China’s Everngrande default risk.

Analysis: SCRUM Team

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