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 tries to recover
Information is not investment advice
After testing the lowest levels since 2016 in the 101.18 area earlier this week, USD/JPY turned up and returned above 105.00. On the H4, the pair formed a higher low and rose above the 50-period MA.
Japan announced the unscheduled purchase of 200 billion yen ($1.90 billion) in government debt. The news has weakened the yen.
USD/JPY may recover to 106.70 (50% Fibonacci retracement of the February-March decline). The next levels to watch on the upside will be at 107.65 and 108.00. Support lies at 105.40, 105.00, and 104.00.
Trade idea for USD/JPY
BUY 106.20; TP 106.70; SL 106.00
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.
Jump in to get the technical analysis of GBP/JPY and GBP/USD!
How to trade the gold price while it's oscillating between 1 837 and 1 864? Read the article, and you'll know how!
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