Instrument: USDJPY
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 114.848 with take profit at 114.936.
Bearish Preference:
Sell position is envisaged if price trades below 114.614 with take profit at 114.550.
Fundamentals:
2:30pm USD Prelim GDP q/q
USD Unemployment Claims
Comment:
Ukraine and Russia The pair witnessed aggressive selling during the early part of the trading on Thursday and broke down of its overnight consolidation phase amid the worsening situation in Ukraine. Russian President Vladimir Putin authorized a special military operation in Donbas, while NATO confirmed an official invasion of Ukraine. This triggered a massive sell-off across the global equity markets, which boosted demand for the safe-haven Japanese yen and exerted heavy downward pressure on the USD/JPY pair.
Analysis: SCRUM Team