Our trade relies on fundamental analysis, and technical analysis only serves as our entry point.
Currently, the US is undergoing a process of quantitative tightening. The upcoming FOMC meeting is expected to result in a 25 basis point rate increase. A rate increase of 50 basis points or continued rate hikes would be seen as a hawkish signal.
Meanwhile, Japan is maintaining its monetary easing policy, and the new BOJ governor, Ueda, announced in a recent speech that they plan to slowly continue their yield curve control to support a healthy economy. This has led us to take a long-term dovish stance on the JPY.
Shifting our focus to the technical analysis, We are currently awaiting a retracement to the 61% Fibonacci level. However, we should remain vigilant as there is a possibility that the price may reject the 134.78 level. We are also waiting to retest the trend line and the demand zone.
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