Daily Market Analysis 23/11/2021: USDJPY

Instrument: USDJPY

Technical Analysis

Bullish Preference: 
Buy position is envisaged if price trades above 114.989 with take profit at 115.134.
Bearish Preference: 
Sell position is envisaged if price trades below 114.843 with take profit at 114.694.
3:45pm USD Flash Manufacturing PMI
USD Flash Services PMI

Comment: The dollar hit a new four-and-a-half year high against the yen following Monday’s solid gains after Federal Reserve Chair Jerome Powell was renominated for a second term, reinforcing bets that U.S. interest rates would rise next year and diverge from Japan’s. With the Bank of Japan holding rates steady and the Fed likely to speed up tapering and the timetable of its first rate post-pandemic rate hike, the near-term advantage continues to support a strong U.S. Dollar.

Analysis: SCRUM Team

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