Preference: A Buy position is envisaged if price trades above 107.610 with take profit at 107.900
Alternative scenario: Sell position is envisaged if price trades below 107.557 with take profit at 107.348
Core CPI m/m (USD) 1:30 pm
CPI m/m (USD) 1:30 pm
Comment: The JPY has seen steady decline against other major currency pair, and we could attribute that to the BOJ summary of opinion's report released on Monday. Here the BOJ was very dovish on their view on the japan economy stating how the COVID 19 has driven the economy to a severe condition. This pessimistic/ dovish report made investors wary of investing in the yen, therefore leading to the downfall of this currency.
Preference: Buy position is envisaged if price trades above 116.657 with take profit at 117.159
Alternative scenario: Sell position is envisaged if price trades below 116.340 with take profit at 115.944
No major economic data expected today
Comment: Technically the instrument looks to surge upwards. On the H1 we see that there is a strong resistance limiting the instruments upward surge, this resistance has been tested and at the moment going for a retest. On the H4 we also see the instrument broke the 50EMA and looks to test the 200EMA, if this resistance is broken on the H1, the instrument would look for a higher resistance to settle.
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