Analysis Market overview

USDJPY overview 23.07.2021

USDJPY rises on stronger dollar.

USDJPY under the bullish pressure today as the U.S. dollar climbed to a three-month peak on Tuesday in a flight-to-safety bid, as investors remained worried about a fast-spreading Delta coronavirus variant that could damage global growth. U.S. infections have risen sharply, especially in areas where vaccinations have lagged. At the same time, an unwinding in speculative positions is forcing a short squeeze in currency markets – driving the dollar upward. The safe-haven strengthening in the dollar is reasonable to expect at this moment – considering that global progress has been slow as compared to Q1 so now all valuations and high expectations for growth are being rightly questioned.

Expect buyers on downward corrections.

Next resistance to watch – 110.65

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