Instrument: USDJPY
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 113.569 with take profit at 113.680.
Bearish Preference:
Sell position is envisaged if price trades below 113.436 with take profit at 113.320.
Fundamentals:
No Major Fundamental
Comment: The Pair is trading higher on Tuesday after reassuring news on the Omicron coronavirus variant drove up demand for riskier assets. U.S. Treasury yields and stocks rose on the news that initial observations suggested Omicron patients had only mild symptoms, erasing all of the previous week losses. The absence of negative developments surrounding Omicron over the weekend appears to be helping markets stabilize today after the dramatic moves at the end of last week, Japan’s household spending posted an annual drop for the third straight month in October, though the pace of decline slowed, as consumer sentiment struggled to stage a convincing recovery after coronavirus curbs ended.
Analysis: SCRUM Team
