Daily recommendations on major – USD/JPY
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Update Time: 30 Nov 2021 09:30GMT.
USD/JPY - 112.73
Despite the greenback's rise to a fresh 3-year peak at 115.51 last Wednesday, subsequent selloff to 113.00 Monday and intra-day break below there on active safe-haven buying in JPY due to renewed Covid variant concerns suggests Medium Term uptrend has made a temporary top there and consolidation with downside bias remains for weakness to 112.60/70, however, oversold condition would keep price above 112.30/40.
On the upside, only above 115.03 would indicate aforesaid pullback has ended instead and risk stronger gain to 115.51 again.
U.S. will release a slew of eco. data n we also have a number of Fed officials scheduled to speak in New York session. Pay attention to release of Chicago PMI and consumer confidence. Fed chair Powell and Treasury Secretary Yellen testify before a Senate Banking Committee hybrid hearing at 15:00GMT.
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