Instrument: USDJPY
Bullish Preference:
A buy position is envisaged if the price trades above 146.602 With take profit at 146.708
Bearish Preference:
A sell position is envisaged if the price trades below 146.188 with Take profit at 146.066
Fundamentals:
2:00 PM USD S&P/CS Composite-20 HPI y/y
3:00 PM CB Consumer Confidence
3:00 PM OLTS Job Openings
Comment:
The U.S. dollar was subdued on Tuesday as traders resisted placing large bets ahead of a slew of economic data this week, while the yen languished near levels that triggered intervention last year.
Against a basket of currencies, the dollar eased 0.058% to 103.87, after slipping 0.2% on Monday.
The widening gap in interest rates between Japan and the United States has pressured the yen, with the country’s low yields making the currency an easy target for short-sellers and funding trades.
The yen was little changed at 146.43 per dollar in Asian hours but remained close to 146.75, its lowest level since Nov. 9. The Asian currency is down about 11% against the dollar for the year.
Analysis: SCRUM Team