
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.
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USD/JPY consolidated between 108.40 and 108.95 ahead of the Federal Reserve’s meeting later today. The market has been waiting for this event for a long time and it should pave the future of the currency pair. The short-term dynamics will surely be volatile.
Technically, resistance looks harder to break than support. However, if USD/JPY manages to get beyond 109.00, it will be able to target 109.60 (50% Fibo of the April-June decline). On the downside, we focus on the 108.35 level (50-day MA). A decline below this point will open the way down to 107.85 (early June lows). The next support will be at 107.50.
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.
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.
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US President-elect Joe Biden proposed a $1.9 trillion stimulus plan to jump-start the world's largest economy and accelerate its response to COVID-19
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