USDJPY falling on dollar weakness.
USDJPY continues to fall strongly on the widespread bearish USD sentiment as the markets are digesting the economic consequences of the latest positive vaccine reports by two of the USA’s major vaccine makers – Moderna and Pfizer. The risk sentiment was also improved by the positive economic growth data from Asia with the China October industrial production rising 6.9% – which is a strongly positive number even by pre-pandemic standards. USDJPY is also falling due to yen’s attraction as the highest yielder among the three major currencies (USD,EUR,JPY). As interest rates in Europe and the United States fall, Japanese government bonds offer comparatively higher returns on an inflation-adjusted basis – which is adding to the bearish pressure on USDJPY.
Expect sellers on upward corrections.
Next support to watch 103.40
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