The greenback continues to recover, and the USD/JPY pair trades at daily highs above the 103.60 price zone. More near-term gains are at sight with next resistance seen at 103.90, as FXStreet’s Chief Analyst Valeria Bednarik notes.
“The pair’s strength comes from government debt yields, which surged to multi-month highs on Wednesday, following news that US Democrats took control of Senate.”
“The US will publish today the November Trade Balance and employment-related figures. Initial Jobless Claims for the week ended January 1 are foreseen at 833K. Later into the session, the country will release the December ISM Services PMI, foreseen at 54.9.”
“The USD/JPY pair is shrugging off its bearish potential and could extend its advance, according to the near-term technical picture. The next relevant resistance is 103.90, with gains above the level opening doors for a steeper advance.”
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