Instrument: USDJPY
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 114.286 with take profit at 114.399
Bearish Preference:
Sell position is envisaged if price trades below 114.014 with take profit at 113.914
Fundamentals:
No Major Fundamental
Comment: The Fed handed down its decision on Wednesday, where it announced it would begin asset tapering in November. However, Fed Chairman Jerome Powell added that the central bank would be “patient” on the timetable for interest rate hikes. The focus is now on how long the Fed defer interest rate rises, with concerns that high inflation could last longer than the Fed had initially projected.
Analysis: SCRUM Team