Stocks, oil, and risk currencies gained on Tuesday as the formal go-ahead for US President-elect Joe Biden to begin his transition burnished a November already boosted by Covid-19 vaccines.
USD/JPY: follow the push higher
Information is not investment advice
USD/JPY formed a higher low at the end of last week. Today the pair is testing levels above the 50-day MA. There’s scope for a move up to the 106.50 area if it manages to overcome 106.00. Notice that that area will offer strong resistance so we don’t offer further targets for now.
Trade idea for USD/JPY
BUY 106.05; TP 106.50; SL 105.90
EUR/USD fell below 1.1850 after reaching 1.1920 on Monday. The pair consolidated after the initial bearish move.
USD/CAD remains within a downtrend. As a result, selling the pair as it turns down from resistance is the best strategy. Support lies at 1.3125.
Here's the technical analysis of USD/JPY, AUD/JPY, NZD/JPY, and silver!
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