Daily recommendations on major – USD/JPY
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Update Time: 26 Nov 2020 09:30GMT
USD/JPY - 104.28
Despite dollar's jump from 103.69 on Monday to 104.75 (Tuesday) on rise in U.S. yields, subsequent retreat to 124.26 in Asia today suggests near term upmove from last Wednesday's 103.66 low has made a temporary top and weakness to 103.80/90 would be seen before prospect of another bounce.
On the upside, only above 104.75 risks gain to 105.13/15, break, 105.41/47.
The U.S. markets will be closed for Thanksgiving holiday but we could see a weaker dollar as investors remain optimistic that the coronavirus pandemic will be over soon as vaccine rolls out.
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