- The yen’s weakness is limited, reaffirming the positive moment.
- USD / JPY keeps the bearish bias intact.
The yen remains among the best performing currencies in recent days and is ratifying it. The USD / JPY jumped to 104.10 after the Pfizer report on the COVID-19 vaccine, but a few minutes later it returned again below 104.00, approaching the lows in more than a week that it reached in the European session. just below 103.80.
The pair is trading at 103.85 / 90 on the pre-release of US economic data from the real estate sector. An impact from these is not expected. The weakness of the USD / JPY is behind a decline in the dollar, and some strength of the yen. The Japanese currency remains firm despite the rise in equity markets, which generally tends to negatively affect it.
It was recently known that Pfizer It will request authorization for its coronavirus vaccine these days after it had an effectiveness of 95%. This boosted stocks limited and sent USD / JPY higher. But the pair was rejected above 104.00 and returned to the area of weekly lows.
The short-term bias remains bearish in USD / JPY, mostly staying below 104.00. The next support can be seen at 103.70 / 75, followed by 103.40, which protects the November lows near 103.00.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
