Instrument: USDJPY
Technical Analysis
Bullish Preference:
A Buy position is envisaged if the price trades above 131.216 with take profit at 131.498
Bearish Preference:
A Sell position is envisaged if the price trades below 130.854 with take profit at 130.580
Fundamentals:
No high impact news affecting the instrument.
Comment:
Most Asian currencies fell on Thursday, while the dollar steadied on hawkish comments from a slew of Federal Reserve officials, with focus now turning to upcoming inflation readings from China and the U.S. for more cues on the global economy. The Japanese yen moved little against the dollar, as investors kept to the sidelines ahead of a widely anticipated unveiling of candidates for the next Bank of Japan Governor. Broader Asian currencies ticked lower as fears of more U.S. interest rate hikes were rekindled by Fed officials this week. The dollar steadied against a basket of currencies, with the dollar index and dollar index futures trading flat on Thursday.
Analysis: SCRUM Team
