Instrument: USDJPY
Bullish Preference:
Buy position is envisaged if price trades above 146.603 with take profit at 146.771.
Bearish Preference:
Sell position is envisaged if price trades below 146.200 with take profit at 146.065.
Fundamentals:
No major fundamental
Comment:
The retreat in US Treasury yields amid a scaling back in US Federal Reserve rate hike expectations this year appears to have put a lid on USD/JPY.But unless the pair breaks below key technical support, the path of least resistance remains sideways to up.On technical charts, USD/JPY’s failure last month to decisively break above the August high of 146.50 is a sign of exhaustion following the one-month-long rally. So far, the pair is holding above vital converged support on a horizontal trendline since June (at about 144.50), near the 200-period moving average. However, any break below would be a confirmation that the uptrend from July had changed.
Analysis: SCRUM Team