Daily recommendations on major – USD/JPY
|
Update Time: 31 Dec 2020 09:30GMT
USD/JPY - 103.13
Despite the greenback's 1-tick break above last Monday's high at 103.88 to 103.89 Monday, subsequent retreat to 102.97 yesterday on usd's broad-based weakness suggests correction from December's 9-month bottom at 102.88 has ended there and consolidation with downside bias would be seen for a re-test of said support, break would extend Medium Term4 decline to 102.50/60 before prospect of rebound.
On the upside, only above 103.89 would dampen daily bearishness and risk stronger retracement of MT decline to 104.10/14.
On the last trading day of this pandemic 2020 year, U.S. will later release the usual weekly jobless claims, continued jobless claims which may move price a bit if actual readings deviate greatly from street forecast, however, market's mentality is to sell dlr on rebound.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.