USDJPY Ananlysis

Daily Market Analysis 24.05.2022: USDJPY

Instrument: USDJPY

Technical Analysis

Bullish Preference:  
Buy position is envisaged if price trades above 127.821 with take profit at 128.007

Bearish Preference: 
Sell position is envisaged if price trades below 126.982  with take profit at 126.843

2:45pm USD Flash Manufacturing PMI
USD Flash Services PMI
5:20pm USD Fed Chair Powell Speaks

The dollar was up on Tuesday morning in Asia. The safe-haven asset clawed back some of its overnight losses, and the yen also strengthened, as U.S. stock futures fell following a profit warning from Snapchat. The USD/JPY pair edged down 0.13% to 127.70, with the Japanese manufacturing purchasing managers’ index (PMI) for May 2022 at 53.2. Japan also released the services PMI for that month. The U.S. currency clawed back its losses after Monday’s 0.85% fall, which took it further from the nearly two-decade peak above 105 hit during the middle of the month. The dollar did, however, slip against the Japanese yen.

Analysis: SCRUM Team

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