USDJPY Ananlysis

Daily Market Analysis 08.06.2023: USDJPY

Instrument: USDJPY

Technical Analysis

Bullish Preference: 
A buy position is envisaged if the price trades above 139.627 with take profit at 139.776.
Bearish Preference: 
A sell position is envisaged if the price trades below 139.356 with take profit at 139.163.
1:30pm USD Unemployment Claims

The JPY took some support from an upward revision to the country’s first-quarter gross domestic product reading. The reading pushed up optimism over some resilience in the Japanese economy, as it grapples with high inflation and softening global demand for exports while the dollar fell slightly on Thursday from near three-month highs, a day after a surprise rate hike from the Bank of Canada suggested the Federal Reserve may also have more work to do to combat inflation.

Analysis: SCRUM Team

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