Daily recommendations on major – USD/JPY
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Update Time: 02 Dec 2021 09:30GMT.
USD/JPY - 113.20
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.
Market is keenly awaiting release of key U.S. jobs report on Fri and today, the only data due out are weekly jobless claims and continued jobless claims. We also have a number of Fed officials scheduled to speak. After Fed chair J. Powell's 2 consecutive days of testimonies on Capital Hill and his official removal on Fed's perception of U.S. inflation is no longer 'transitory', traders are unlikely to react to comments by other FOMC members.
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