Daily recommendations on major – USD/JPY
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Update Time: 25 Nov 2020 09:30GMT
USD/JPY - 104.50
Dollar's jump from 103.69 to 104.63 on Monday due to rise in U.S. Treasury yields, then 104.75 in New York yesterday suggests recent decline from November's 105.67 peak has made a temporary low at 103.66 last Wednesday and consolidation would be seen before heading to 105.13/15
On the downside, only below 104.15 (Tuesday's low) may risk weakness to 103.86/90.
Although there will be no major economic data from the euro zone today, traders should remain cautious on price action in U.S. stocks. We also have ECB supervisory board member Kerstin af Jochnick scheduled to peak in a panel discussion at 11:15 GMT.
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