Daily recommendations on major – USD/JPY

AceTrader Team AceTrader

Daily market outlook on major

Update Time: 07 Dec 2021 09:30GMT.

USD/JPY - 113.67

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 later release a slew of eco. data which are unlikely to move the market as focus is on U.S. stocks and treasury yields.

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AceTrader Team

AceTrader

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